ANALYSIS OF REAL ESTATE MUTUAL FUNDS IN POLAND - ASSETS AND PERFORMANCE (Analiza funduszy inwestycyjnych w Polsce inwestujacych w rynku nieruchomosci - aktywa i efektywnosc)

The purpose of this article was to assess the impact of the size and efficiency of assets, held by the funds, on the state of development of the Polish investment funds' market, which invest in real estate. The size of accumulated assets is an important factor that affects the possibility for investment funds to invest in investment projects of different sizes. The effectiveness of the funds has been tested on the basis of stock exchange investment certificates, as well as their quarterly valuations. The study has also carried out an analysis of the liquidity of investment certificates listed on the Warsaw Stock Exchange, and the costs borne by investors wanting to invest in real estate funds.