Real estate property and fair value

On 30 June 2013, the Group owned a total of 40,462 (39,851) rental apartments. The VVO Non-subsidised segment accounted for 19,736 (19,077) homes and the VVO State-subsidised segment for 20,726 (20,774).

The fair value of rental apartments owned by the Group and business premises in rental apartment buildings are determined every three months on the basis of the company's own evaluation. An external expert gives a statement on the valuation. Fair value was previously determined at 30 June 2014. The criteria for determining fair value are reported in the notes to the 2013 financial statements.

The fair value of rental apartments and business premises in the rental apartment buildings at 30 June 2014 was approximately EUR 3,426.2 (3,174.9) million, indicating growth of 2.2 per cent to EUR 75.1 million during the review period. The growth was the result of investments, the development of apartment prices and the expiry of state-subsidy limitations on individual properties. The difference in value was EUR 1,329.1 (1,197.1) million, increasing by EUR 16.1 million during the review period, an increase of 1.2 per cent.