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The European market may be recovering after sharp re-pricing in H2 2022

The Q1 2023 INREV Quarterly Fund Index saw performance improve to -0.97% from -6.04% in Q4 last year. 

The Q1 2023 release includes 310 funds with a combined GAV of €307.7 billion.

Key highlights:

  • Capital growth remained negative but improved by nearly six percentage points in the first three months of 2023 to -1.47% from -7.23% in Q4 2022.
  • The total return of open end funds increased to -1.24% in Q1 from -5.93% a quarter earlier. Closed end funds reported total returns of 0.62% after registering -6.63% in Q4.
  • Value add funds produced total returns of 5.74% in Q1 2023 having returned -4.45% three months earlier, outperforming core funds for the fourth consecutive quarter. Core funds returned -1.39%, which was a big improvement on -6.14% reported in Q4.
  • Office, Industrial and residential funds once again experienced negative total returns in Q1. Funds specialising in retail assets and multi sector funds reported results that were marginally positive.
  • Residential focused funds were the weakest by sector.

View detailed analysis via the Index Analysis Tool or download the report, Excel and snapshots below.


INREV Quarterly Index  

Published on 21 Nov 2023

The INREV Index is a performance index for European non-listed real estate funds investing 90% or more in Europe. The information for the quarterly goes back to Q2 2000. The Quarterly Index is published 8 weeks after the end of the quarter, and reports are available in PDF format. The reports cover the performance of non-listed funds in Euro, USD, GBP, JPY, AUD and in Local Currency and are available for members only, please login to download.