As at 1 January
Capital expenditure on property under construction
Transfer to investment property
Revaluation (Fair value adjustment)
Transfer from provisions
As at 31 December
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Total projects under construction
As set out in Note 4, in arriving at their estimates of market values, the appraisers used their market knowledge and professional judgment, rather than relying exclusively on comparable historical transaction data.
The fair value of the assets under construction is driven by the net future cash flow generated by the assets, in combination with the discount rate development. The generated cash flow includes the net rental income plus the net sales revenues from selling off individual homes.
The costs to come amount up to € 142 million (2015: € 77 million). This amount is included in construction contracts in Note 35.