This study investigates whether the recognized cost, recognized fair value and disclosed fair value of investment property are priced differently by investors. An analysis is also made into whether the recognized fair value of investment property in four European countries with dissimilar characteristics is priced by investors differently from each other. Our sample is composed of listed real estate firms in France, Germany, Sweden and U.K. subject to the mandatory adoption of IFRS since 2005. The empirical results suggest that investors distinguish the recognized cost, the recognized fair value and the disclosed fair value of investment property, but they do not distinguish valuation implications of the recognized fair value of investment property in the four countries under analysis.