Fair Values
Major market developments and valuation parameters that have an impact on the fair values of Vonovia are assessed on an ongoing basis.
An evaluation of the market trend in the period to March 31, 2024 points overall to a sideways trend in fair values for Vonovia’s real estate portfolios in the first quarter. The fair values recalculated as of the end of the year have been adjusted to reflect the investments made up to March 31, 2024.
In addition, buildings under construction (new construction/development to hold) were completed during the three-month period. A fair value measurement is performed for the first time when the properties are completed. This resulted in a valuation effect of € 0.0 million for the period from January 1 to March 31, 2024 (3M 2023: € 15.7 million).
The entire portfolio will be fully remeasured for the interim consolidated financial statements as of June 30, 2024, taking into account the updated portfolio data, market developments and, in particular, the discounting and capitalized interest rates.
The recognition and valuation of investment properties are explained in detail in the consolidated financial statements for 2023.