| | | 2015 | | 2014 |
At the beginning of the year | | 6,201 | | - |
Investments | | 1,479 | | 6,678 |
Net gain (loss) from fair value adjustments on investment property under construction | 477 | | (477) | |
In profit or loss | | 477 | | (477) |
In other comprehensive income | | - | | - |
Transfer to investment property | | (8,157) | | - |
Transfers out of level 3 | | - | | - |
At the end of the year | | - | | 6,201 |
| | 2015 | 2014 |
Investment property under construction at fair value | - | 6,201 |
Investment property under construction at amortised cost | - | - |
As at 31 December | - | 6,201 |
Investment property is not developed within the Office Fund but via external parties or within Bouwinvest Development B.V.
The total gain (loss) for the year included an unrealised gain of € 477 (2014: loss of € 477) relating to investment property under construction that is measured at fair value at the end of the reporting period.
The investment property under construction is valued by external valuation experts.
The specifications of transfers from investments and also the transfers to investment property are set out below.
Investments | 2015 | 2014 |
Amsterdam | 1,479 | 6,678 |
Total investments | 1,479 | 6,678 |