30 Real Estate Inventories
Recognized real estate inventories in the amount of € 307.1 million (December 31, 2017: € 0.0 million) mainly concern all development projects that result from the inclusion of the BUWOG Group. These are projects to construct residential units planned for sale that are currently being built or that have been completed but have not yet been sold. The item also includes undeveloped land that will be used for future project developments. Because of the intention to sell, valuation is not made in accordance with IAS 40 but according to IAS 2 at amortized cost less accumulated depreciation or at net realizable value, whichever is lower.