The GREFI All Funds Index delivered a positive total return of 0.92% in Q1 2025, up 10 bps from Q4 returns of 0.82%. The GREFI All Funds Index features 442 funds and represents a total gross asset value (GAV) of USD 879.4 billion.
Key highlights include:
- European-focused funds’ performance delivered a total return of 1.04%, and outperformed all other regions for the second consecutive quarter. European funds also outperformed Asia Pacific and US funds on a one-, two- and three-years basis.
- Asia Pacific funds’ performance improved the most and was up by 233 bps, posting a total return of 0.89%. The one-year annualised total return stands at -2.50%. The performance of US funds declined by 23 bps this quarter, delivering a total return of 0.85%. At 1.43%, the one-year annualise total return turned positive for the first time in ten quarters.
- The one-year GREFI All Funds Index total return improved from a -0.35% in Q4 to 1.82%. This is the first positive one-year annualised return since Q4 2022.
Download the report, Excel and snapshots below for detailed GREFI data.
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Global Real Estate Fund Index (GREFI) Quarterly
Published on 17 Jun 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.