The GREFI All Funds Index delivered a local currency total return of -1.83% in Q2 2023 representing almost no change on the -1.82% posted in the previous quarter.
This release features 438 funds with a total gross asset value (GAV) of USD 958.78 billion. We asked the CEOs of the three organisations to briefly explain what value the GREFI will bring to the non-listed real estate industry. Listen to what they had to say.
Watch the video
Key highlights include:
- Although total returns remained negative, funds focused on Europe and the US delivered an improved performance in Q2. European-focused funds delivered a total return of -0.47%, up 70 bps compared to Q1. Whilst, funds invested in the US posted a total return of -2.70%, 33 bps higher compared to the previous quarter.
- Funds with an Asia Pacific strategy experienced the largest decline in performance as total returns slipped 276 bps to -2.45% from a positive 0.31% three months earlier.
- The one-year GREFI All Funds Index total return slipped further into negative territory from 2.65% to 7.63% as the strong performance posted in Q2 last year fell out of the calculation. Performance over other longer-term time frames of two, three and five years remains strongly positive.
Download the report, Excel and snapshots below for detailed GREFI data.
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.