Fair Values

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 March 31, 2025, showed a general sideways trend in fair values for Vonovia’s real estate portfolios in the first quarter. The fair values recalculated as at the end of the year have been adjusted to reflect the investments made up to March 31, 2025.

No buildings under construction (new construction/development to hold) were completed in the first quarter of 2025. In the comparative period from January 1 to March 31, 2024, buildings with a valuation effect of € 0.0 million were completed.

The entire portfolio will be fully remeasured for the interim consolidated financial statements as of June 30, 2025, 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 2024.