Real estate property and fair value

On 30 September 2014, the Group owned 40,668 (40,262) rental apartments. The VVO Non-subsidised segment accounted for 19,880 (19,488) homes and the VVO State-subsidised segment for 20,788 (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 last determined on the basis of the situation on 30 September 2014. The criteria for determining fair value are reported in the notes to the 2013 financial statements.

On 30 September 2014, the fair value of rental apartments and business premises in the rental apartment buildings was EUR 3,473.0 (3,235.8) million, Fair value rose by EUR 121.9 million, or 3.6 per cent, during the review period. This growth stemmed from investments, trends in apartment prices, and the end of state-subsidisation for certain properties. The difference in value was EUR 1,334.3 (1,206.1) million, representing growth of EUR 21.3 million, or 1.6 per cent, during the review period.