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The loss in property value could total $500 billion.
If the improvement doesn't lead to any increase in property value, the entire expense is deductible.
Developers there must also reimburse residents for any loss in property value.
"Seemingly, they got attracted by the spectacular gains in property value in 2007 to 2009".
Yet, the properties with a view of the UDBs were significantly lowered in property value.
They calculate that the shares of stock market-listed property companies are pricing in a 25-30% decline in property value.
Similar(22)
Looking further ahead he predicted further increases in property values.
But there was another slump in property values.
The fall in property values has fed political unrest.
"Never has there been a decrease in property values in what we have built," he said.
Losses were up from €2.3bn in 2009, reflecting the continuing decline in property values.
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