In Germany, open-end retail funds represent the prevailing form of indirect real es-tate investment for private investors. End of 2007 more than 30 funds amounted to over 80 bn Euros in assets. The appraisal of such fundsí properties has been ques-tioned as fund performance used to show a remarkably stable pattern over time. The aim of this paper is to analyze the value changes of properties within the portfolios of German open-end real estate funds to shed light on appraisal patterns of these major investment vehicles and on German appraisal practise in general. Thereby, the crucial question will be addressed whether significant appraisal differ-ences occur on portfolio level between different funds. For this purpose, the state-ments of accounts of all 24 German open-ended retail funds that are investible for private investors have been analysed and 1.334 value changes of identical proper-ties between 2005 and 2007 could be extracted. A model including including crucial valuation variables is derived and tested to explain the variance in the change of property values among different portfolios. The results give new insights into factors influencing appraisals of properties within the portfolios of open-end real estate retail funds in and around crisis prone year 2006.