The Global Real Estate Fund Index (GREFI) delivered a local currency return of 1.64% in Q1 2021, slightly down from 1.74% recorded in Q4 2020.
This release includes 471 funds with a combined GAV of $880.75 billion as of the end of Q1 2021.
Key highlights include:
- GREFI Non-Core segment delivered a local currency quarterly return of 2.35%, well ahead of the 1.64% reported for GREFI Core
- Total returns improved to 2.23% for the US focused funds, while vehicles with global, Asia Pacific and European strategies saw quarterly declines in performance
- GREFI open end funds performance remained stable this quarter, with a local currency total return of 1.79%.
Download the report, Excel and snapshots below for detailed GREFI data
Downloads
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.