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The GREFI All Funds Index performance turns negative in Q3 2022

On the back of continuing market uncertainty the GREFI All Funds Index delivered a local currency total return of -0.12% in Q3 2022. This is down substantially from the 3.36% reported in the previous quarter.

This release features 429 funds that represent a total gross asset value (GAV) of USD 989.4 billion.

Key highlights include:

  • Funds with a global strategy outperformed in Q3 2022 posting a total return of 0.83%, making it the only regional strategy to mark an increase in performance compared to the previous quarter. 
  • Funds with a European regional strategy delivered a negative total return of -1.60% (a -421 bps quarter-on-quarter decline). Funds investing in the US returned 0.69% (a -414 bps quarter-on-quarter decline) in the same period, while Asia Pacific focused funds posted a total return of 0.23% (a -66 bps quarter-on-quarter decline).
  • Despite continuous market uncertainty the GREFI non-core funds index managed to outperform its core counterpart, posting total returns of 0.99% and -0.37%, respectively. 

Download the report, Excel and snapshots below for detailed GREFI data

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Global Real Estate Fund Index (GREFI) Quarterly  

Published on 03 Jan 2023

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 keith.alexander@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.