On the back of continuing market uncertainty the GREFI All Funds Index delivered a local currency total return of -4.24% in Q4 2022 as the global real estate market downturn accelerated from -0.03% reported in the previous quarter.
This release features 419 funds that represent a total gross asset value (GAV) of USD 934.07 billion.
Key highlights include:
- The impact of higher interest rates and market uncertainty was more keenly felt in European and US markets. Funds with a European regional strategy delivered a negative total return of -6.19% and funds investing in the US returned -4.83%.
- Asia Pacific focused funds posted a total return of 1.80% representing an improvement of more than 1.5 percentage points on their performance a quarter earlier.
- Despite the uncertain market background the GREFI non-core funds index outperformed core funds, although both strategies were in negative territory. Non-core funds reported a total return of -3.12% while core funds posted total returns of -4.49%.
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Global Real Estate Fund Index (GREFI) Quarterly
Last updated on 19 Mar 2024
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.