The Finnish property market shares most of the same problems with the other countries still without special legislation enabling the public tax-transparent real estate vehicles. The role of securitized real estate ownership is minimal, the institutional investors owns their real estate investments directly, the small listed sector is subject to substantial net asset value discount, and trading volumes of commercial property and thus its liquidity are low. Furthermore, in absence of tax-effective choice the pension funds are creating private property funds and due to the undervaluation of the listed real estate the public property companies are under pressure of hostile takeovers and liquidation of their assets.