Fair Values

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 again in the first half of 2022, Vonovia decided to perform a new valuation on the 20 German locations that account for the largest fair value shares. The list of the locations to be valued was extended to include three additional German locations in which considerable changes in value had been observed, as well as Vienna and the ten locations in Sweden that account for the largest fair value shares of the Swedish portfolio. This means that around three-quarters of the portfolio, in terms of portfolio value, was revalued in total. This revaluation led to net income from the valuation of € 3,115.9 million (H1 2021: € 3,698.6 million).

In addition, buildings under construction (new construction/development to hold) were completed during the reporting period. A fair value measurement is performed for the first time when the properties are completed. This resulted in a valuation effect of € 28.9 million for the period from January 1 to June 30, 2022 (H1 2021: € 18.9 million).

The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2021.