8 Earnings from revaluation of investment real estate
CHF million |
| 1st half-year 2013 |
| 1st half-year 2012 |
|
|
|
|
|
Higher valuation of yield-producing properties |
| 24.7 |
| 14.7 |
Higher valuation of investment real estate under construction |
| 13.1 |
| 20.3 |
Lower valuation of yield-producing properties |
| –28.7 |
| –16.0 |
Lower valuation of investment real estate under construction |
| –3.9 |
| 0.0 |
Earnings from revaluation of investment real estate |
| 5.2 |
| 19.0 |
CHF 4.8 million of the higher valuation of yield-producing properties relates to commercial real estate and CHF 19.9 million to residential real estate (1st half-year 2012: CHF 9.3 million and CHF 5.4 million respectively). CHF –28.7 million of the lower valuation of yield-producing properties relates to commercial real estate and CHF 0.0 million to residential real estate (1st half-year 2012: CHF –16.0 million and CHF 0.0 million respectively).
The average capital-weighted discount rates as at 30 June 2013 for the entire portfolio of yield-producing properties amount to 4.91% (31.12.2012: 4.99%). The average capital-weighted capitalisation rates as at 30 June 2013 amount to 4.91% (31.12.2012: 5.04%).
As in the previous year, Jones Lang LaSalle AG acts as the real estate valuer on a contract basis.