Global real estate AUM falls for the third consecutive year

Total global real estate assets under management (AUM) fell to €3.6 trillion¹ at the end of 2024, according to the Fund Manager Survey 2025, published today by ANREV, INREV, and NCREIF.

This represents a 2.7% decrease from the €3.7 trillion recorded at the year-end 2023, marking the third consecutive year of contraction from the €4.1 trillion peak in 2022.

Key highlights include:

• The concentration of capital in the upper quartile intensifies. The fund managers in the upper quartile account for more than 83% of the total global real estate AUM, the largest share since the inception of the study.
• The top 10 real estate managers collectively account for €1.9 trillion in AUM, more than 52% of the capital allocated to real estate globally.
• The dry powder fell from €223 billion (8% of the global AUM) to €195 billion (7.4% of the global AUM) by the end of 2024. While the headline decrease may appear negative at first glance, it reflects a positive shift as managers begin to deploy committed capital.

The Fund Manager Survey explores the real estate assets under management, providing insights into regional composition and vehicle types. It uses the Global AUM definition as agreed by ANREV, INREV, NCREIF, and PREA.

Download the full report, snapshot, chartbook, and Excel below.

¹ The number is deemed to be representative of the global non-listed real estate fund manager universe despite some variation in the number of respondents to the survey from one year to another.