6 Earnings from revaluation of investment real estate
CHF million | 1st half-year | 1st half-year | ||
Higher valuation of yield-producing properties | 23.1 | 39.3 | ||
Higher valuation of investment real estate under construction | 17.5 | 5.9 | ||
Lower valuation of yield-producing properties | –12.9 | –15.0 | ||
Lower valuation of investment real estate under construction | 0.0 | 0.0 | ||
Earnings from revaluation of investment real estate | 27.7 | 30.2 |
1 Previous year’s figures restated, see section 2
CHF 3.9 million of the higher valuation of yield-producing properties relates to residential real estate and CHF 19.2 million to commercial real estate (1st half-year 2019: CHF 13.6 million and CHF 25.7 million, respectively). CHF 0.0 million of the lower valuation of yield-producing properties relates to residential real estate and CHF 12.9 million to commercial real estate (1st half-year 2019: CHF 0.7 million and CHF 14.3 million, respectively).
The average discount rates as at 30 June 2020 for the entire portfolio of yield-producing properties amount to 3.92% (31 12. 2019: 3.93%). The average capitalisation rates as at 30 June 2020 amount to 3.43% (31.12.2019: 3.44%).
As in the previous year, Jones Lang LaSalle AG acts as the real estate valuer on a contract basis.