Vesteda Annual Report 2025

5. Investment property under construction

2025

2024

As at 1 January

145

311

Capital expenditure on property under construction

43

131

Transfer to Investment Property

(209)

(325)

Transfer from investment property

16

-

Revaluation

30

28

As at 31 December

25

145

As set out in Note 4, in arriving at their estimates of market values, the 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 revenues from selling of individual units.