12 Investment property under construction
| | | 2016 | | 2015 |
At the beginning of the year | | 4,360 | | - |
Investments | | 10,298 | | 4,175 |
Transfer to investment property | | - | | - |
Net gain (loss) from fair value adjustments on investment property under construction | 1,611 | | 185 | |
In profit or loss | | 1,611 | | 185 |
In other comprehensive income | | - | | - |
Transfers out of level 3 | | - | | - |
At the end of the year | | 16,269 | | 4,360 |
The investment property under construction in 2016 relates to Amsteltower, Amsterdam.
The net valuation gain (loss) for the year included a positive fair value adjustment of € 1,611 (2015: € 185) relating to investment property under construction that are measured at fair value at the end of the reporting period.
The investment property under construction is valued by external valuation experts.