7 Earnings from revaluation of investment real estate
CHF million |
| 1st half-year |
| 1st half-year |
|
|
|
|
|
Higher valuation of yield-producing properties |
| 21.6 |
| 35.5 |
Higher valuation of investment real estate under construction |
| 6.5 |
| 8.5 |
Lower valuation of yield-producing properties |
| –17.8 |
| –33.5 |
Lower valuation of investment real estate under construction |
| 0.0 |
| 0.0 |
Earnings from revaluation of investment real estate |
| 10.3 |
| 10.5 |
CHF 11.4 million of the higher valuation of yield-producing properties relates to residential real estate and CHF 10.2 million to commercial real estate (1st half-year 2015: CHF 29.3 million and CHF 6.2 million, respectively). CHF 17.8 million of the lower valuation of yield-producing properties relates to commercial real estate (1st half-year 2015: CHF –32.6 million).
The average discount rates as at 30 June 2016 for the entire portfolio of yield-producing properties amount to 4.71% (31.12.2015: 4.73%). The average capitalisation rates as at 30 June 2016 amount to 4.22% (31.12.2015: 4.51%).
As in the previous year, Jones Lang LaSalle AG acts as the real estate valuer on a contract basis.