The Global Real Estate Fund Index delivered a positive total return for the fifth consecutive quarter in Q3 2025 at 0.89%, down by 13 bps from 1.02% posted in the previous quarter. The index features 433 funds and represents a total gross asset value (GAV) of USD 934.5 billion.
Key highlights include:
- European funds’ performance remained consistent for the past four quarters, increasing slightly by 5 bps, delivering a total return of 1.05%. At 4.43%, the one-year annualised total return is the highest of all regions.
- At 1.28%, the performance of Asia Pacific funds remained positive this quarter, despite declining by 63 bps from Q2. Similarly to Asia Pacific, US funds’ performance was down by 13 bps, but still delivered a total return of 0.65%, its fifth quarter of positive performance.
- The GREFI core funds continue to outperform their non-core peers, posting total returns of 0.91% in Q3 2025, down by 19 bps from the previous quarter. In contrast, the performance of the GREFI non-core funds was up by 10 bps in Q3, delivering a total return of 0.80%.
Download the report, Excel and snapshots below for detailed GREFI data.
Global Real Estate Fund Index (GREFI) Quarterly
Published on 16 Sep 2025
The Global Real Estate Fund Index (GREFI) is jointly produced by INREV, ANREV and NCREIF and measures the performance of non-listed real estate vehicles on a global scale.
Please send feedback to bert.teuben@inrev.org, daisy.huang@anrev.org, or ddierking@ncreif.org
The GREFI is an index showing the performance of non-listed real estate funds on a global scale. The GREFI is updated on a quarterly basis and is published 12 weeks following the quarter end.
The aims of the GREFI are to improve transparency of real estate as an asset class and to help our members make better informed investment decisions. As an industry, it is vital that we work towards being able to make robust global and intra-regional comparisons.
This initiative represents the integration of three member-driven non-profit organisations to meet the data collection and information needs of their expanding global activities, and to serve as the basis for further collaboration in the future.