7 Earnings from revaluation of investment real estate
CHF million |
| 1st half-year 2012 |
| 1st half-year 2011 |
|
|
|
|
|
Higher valuation of income-producing real estate |
| 14.7 |
| 14.5 |
Higher valuation of investment real estate under construction |
| 20.3 |
| 14.4 |
Lower valuation of income-producing real estate |
| –16.0 |
| –10.8 |
Lower valuation of investment real estate under construction |
| 0.0 |
| 0.0 |
Earnings from revaluation of investment real estate |
| 19.0 |
| 18.1 |
CH 9.3 million of the higher valuation of income-producing real estate relates to commercial real estate and CHF 5.4 million to residential real estate (1st half-year 2011: CHF 8.1 million and CHF 6.4 million respectively). CHF –16.0 million of the lower valuation of income-producing real estate relates to commercial real estate and CHF 0.0 million to residential real estate (1st half-year 2011: CHF –10.8 million and CHF 0.0 million respectively).
The average capital-weighted discount rates as at 30 June 2012 for the entire portfolio of income-producing real estate amount to 5.03% (31.12.2011: 5.04%). The average capital-weighted capitalisation rates as at 30 June 2012 amount to 5.09% (31.12.2011: 5.10%).