7 Property operating expenses
2023 | 2022 | |
Taxes | 9,606 | 9,875 |
Insurance | 465 | 780 |
Maintenance | 43,054 | 40,000 |
Valuation fees | 562 | 523 |
Property management fees | 5,510 | 4,906 |
Promotion and marketing | 126 | 177 |
Letting and lease renewal fees | 5,795 | 7,427 |
Addition to provision for bad debts | 375 | 324 |
Owners associations | 5,730 | 3,678 |
Non reclaimable VAT | 11,974 | 10,718 |
Other operating expenses | 631 | 1,414 |
Total property operating expenses | 83,828 | 79,822 |
Maintenance expenses increased as more maintenance projects were performed in 2023 compared to 2022. In 2023, € 0.5 million (2022: € 0.7 million) of the maintenance expenses related to unlet properties.
The rental process for all new-build projects is fully digitalised and automated in last year in order to attract new tenants. This resulted in higher letting and lease renewal fees in 2022.
The Other operating expenses consist mainly of exploitation costs of real estate managers and also include costs for tenant due diligence.