16. Investment property under construction

As set out in Note 3, in arriving at their estimates of market values, the external independent real estate valuation experts 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 proceeds from the sale of individual units.

The sensitivity of the valuation to changes in significant parameters is assumed to be in line with investment property (see note 15). 

The future costs until completion amount to €47 million (2023: €195 million). This amount is included in construction contracts in Note 32.