The Q1 2022 INREV Quarterly Fund Index delivered a total return of 3.40% in Q1 2022, the strongest Q1 result since 2006, albeit down from 4.21% recorded in Q4 2021.
The Q1 2022 release includes 337 funds with a combined GAV of €330.2 billion.
Key highlights:
- A 62 bps decline in distributed income return was the main cause of this quarter’s eased performance, while capital growth also slowed by 19 bps.
- Value added funds outperformed, recording a quarterly total return of 3.75%, while their core peers followed with a total return of 3.38%
- Retail and office focused strategies recorded marked quarter-on-quarter improvements in capital growth of 138 bps and 168 bps, respectively
- Multi country funds delivered a steady performance in Q1 2022, while single country funds subsets noted a softening in their performance. The resulting performance gap stood at 25 bps this quarter.
View detailed analysis via the Index Analysis Tool or download the report, Excel and snapshots below.
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INREV Quarterly Index
Published on 27 Aug 2025
The INREV Index is a performance index for European non-listed real estate funds investing 90% or more in Europe. The information for the quarterly goes back to Q2 2000. The Quarterly Index is published 8 weeks after the end of the quarter, and reports are available in PDF format. The reports cover the performance of non-listed funds in Euro, USD, GBP, JPY, AUD and in Local Currency and are available for members only, please login to download.