7 Earnings from revaluation of investment real estate
CHF million |
| 1st half-year |
| 1st half-year |
|
|
|
|
|
Higher valuation of yield-producing properties |
| 35.5 |
| 31.0 |
Higher valuation of investment real estate under construction |
| 8.5 |
| 5.6 |
Lower valuation of yield-producing properties |
| –33.5 |
| –21.2 |
Lower valuation of investment real estate under construction |
| 0.0 |
| –3.0 |
Earnings from revaluation of investment real estate |
| 10.5 |
| 12.4 |
CHF 29.3 million of the higher valuation of yield-producing properties relates to residential real estate and CHF 6.2 million to commercial real estate (1st half-year 2014: CHF 4.5 million and CHF 26.5 million respectively). CHF –0.9 million of the lower valuation of yield-producing properties relates to residential real estate and CHF –32.6 million to commercial real estate (1st half-year 2014: CHF –0.2 million and CHF –21.0 million, respectively). CHF –0.2 million/CHF –21.0 million).
The average discount rates as at 30 June 2015 for the entire portfolio of yield-producing properties amount to 4.73% (31.12.2014: 4.92% adjusted). The average capitalisation rates as at 30 June 2015 amount to 4.51% (31.12.2014: 4.43% adjusted).
As in the previous year, Jones Lang LaSalle AG acts as the real estate valuer on a contract basis.