DUESSELDORF, Aug 1 Reuters Vonovia, Germany39;s largest real estate group, on Thursday reported a loss in the first half of the year, though narrower than a year earlier, as the nation39;s property sector continues to writhe amid its worst crisis in decades.

The loss of 529 million euros 573.01 million in the six months compares with a loss of 4.13 billion euros in the period a year earlier, and it follows a writedown in the value of its apartments by 1.7 during the first half of the year.

German property firms are undergoing a major change of fortune after an end to the cheap money era that fuelled a decadelong boom.

Last year, Vonovia reported its biggest annual loss ever, a second consecutive year in the red after years of steady profit.

Last month, Vonovia39;s chief executive flagged that big revaluations were coming to an end.

The valuation results show that Vonovia has put the crisis behind it and is once again delivering robust performance in a challenging environment, CEO Rolf Buch said.

1 0.9232 euros

Reporting by Matthias Inverardi and Tom Sims, Editing by Miranda Murray

Source Reuters