Major market developments and valuation parameters that have an impact on the fair values of Vonovia are assessed on an ongoing basis. Due to the market momentum recognized in the first half of 2021, Vonovia arranged for a new valuation to be performed on three-quarters of the portfolio as of June 30, 2021. Due to the high levels of market momentum recognized once again in the third quarter of 2021, further increases in value were recognized as of September 30, 2021. This led to a valuation result for the first nine months of 2021 of € 5,073.0 million. In addition, buildings under construction for Vonovia’s own portfolio were completed during the reporting period. This was associated with the first fair value measurement of the properties in question, resulting in a valuation effect of € 44.3 million for the period from January 1 to September 30, 2021 (9M 2020: € 44.3 million).
The valuation measures described above led to net income from the valuation of € 5,073.0 million for the first nine months of 2021 (9M 2020: € 1,830.2 million).
The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2020.