On the back of continuing market uncertainty the GREFI All Funds Index delivered a local currency total return of -1.79% in Q1 2023. Although still negative, this is an improvement on the - 4.20% posted in the previous quarter.
This release features 445 funds with a total gross asset value (GAV) of USD 985.60 billion.
Key highlights include:
- The improvement was most pronounced for funds investing in Europe, delivering a total return of -0.97% (up 507 bps over Q4 2022), albeit mainly due to seasonal and valuation effects. The US returned -3.03%, underperforming all other regions.
- Although the GREFI All Funds Index delivered an improved Q1 2023 performance, the performance for the funds with an Asian Pacific strategy deteriorated to 0.33%, 135 bps down quarter on quarter.
- The one year GREFI All Funds Index total return slipped into negative territory for the first time since the GFC. Previously, the index registered a single quarter of negative performance in Q2 2020 during the COVID-19 pandemic, but the one year total return remained positive.
Download the report, Excel and snapshots below for detailed GREFI data.
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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.