Major market developments and valuation parameters that have an impact on the fair values of Vonovia are assessed on an ongoing basis.
The evaluation of the market trend with a view to September 30, 2023, showed a general sideways trend in fair values for Vonovia’s real estate portfolios in the third quarter. The fair values recalculated at the end of the first half of the year have been adjusted to reflect the investments made up to September 30, 2023.
In addition, buildings under construction (new construction/development to hold) were completed during the nine-month period. A fair value measurement is performed for the first time when the properties are completed. This resulted in a valuation effect of € 12.6 million for the period from January 1 to September 30, 2023 (9M 2022: € 50.5 million).
A complete remeasurement of the entire portfolio, taking into account the updated portfolio data, market developments and in particular the discounting and capitalized interest rates, will be performed again for the annual financial statements.
The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2022.