14.INVESTMENT PROPERTIES

The movements in investment properties for the years ended December 31, 2019 and 2018 were as follows:


	At the		P/L for
	Beginning	Total useful	changes			As of
Item	of the year	life	in the FV	Additions	Disposals	12/31/2019
Measurement at fair value
Rented properties	635,877	50	(127,130)	3,551,323	(5,333)	4,054,737
TOTAL INVESTMENT PROPERTIES	635,877	—	(127,130)	3,551,323	(5,333)	4,054,737


	At the		P/L for
	Beginning	Total useful	changes			As of
Item	of the year	life	in the FV	Additions	Disposals	12/31/2018
Measurement at fair value
Rented properties	441,610	50	221,408	16,103	(43,244)	635,877
TOTAL INVESTMENT PROPERTIES	441,610	—	221,408	16,103	(43,244)	635,877

Investment properties are measured at their fair value determined by professionally qualified valuers.

For all Investment Properties with a total valuation of 3.878 million as of December 31, 2019, the valuation was determined using sales Comparison Approach prepared by the Group’s management considering a report of an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per meter (Level 3). The Group estimated that, other factors being constant, a 5% reduction on the Sales price per meter for the period ended December 31, 2019 would have reduced the value of the Investment Properties by 193.9 million, which would impact, net of its tax effect on the "Other Operating Income" item in the Income statement.