The Global Real Estate Fund Index was positive for the eight consecutive quarter in Q2 2026, delivering a total return of 1.29%, up 11 bps from 1.18% posted in the previous quarter. New insights on the evolution of the GREFI index are now available in the Excel supplement file. The GREFI All Funds Index features 464 funds and represents a total gross asset value (GAV) of USD 989.3 billion.
Key highlights include:
- The performance of European funds eased in Q2 2026 but maintained a positive return of 0.87%, down by 40 bps from the previous quarter. The one-year annualised total return stands at 4.41%.
- Asia Pacific funds delivered their strongest quarterly performance since Q1 2022 and outperformed the other regions, posting a total return of 1.94% in Q2. US fund followed, delivering a total return of 1.45%, their strongest performance since Q2 2022.
- Both GREFI core and non-core funds maintained positive performance in Q2. The GREFI non-core funds outperformed their core peers, posting total returns of 1.73% and 1.19%, respectively.
This quarter's Excel supplement includes the following additional data points, providing more transparency on the evolution of GREFI:
- NAV time series
- Gearing ratio time series
- Historical global allocations by geography and sector
- Currency exposure table
The new ANREV/INREV/NCREIF Global Index Methodology Guide is also available on the INREV website reflecting the methodologies for all global indices.
Download the report, Excel and snapshots below for detailed GREFI data.
Global Real Estate Fund Index (GREFI) Quarterly
Published on 15 Sep 2026
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.