The Global Real Estate Fund Index (GREFI) delivered a local currency total return of -1.37% in Q3 2023, slightly improving on the Q2 returns of -1.87%.
This release features 434 funds with a total gross asset value (GAV) of USD 926.80 billion.
Key highlights include:
- European-focused funds outperformed the other regions, but decreased by 6 bps from Q2, posting a return of -0.72%.
- The performance of Asia Pacific-focused funds improved the most compared to other regions, up by 146 bps to -0.97% this quarter.
- US-focused funds’ performance improved slightly this quarter. US funds posted a total return of -2.02%, 67 bps higher compared to the previous quarter.
- The one-year GREFI total return slipped further from a revised -7.73% to -8.98%. Performance over other longer-term time frames of two, three and five years remains positive.
Download the snapshot, report, and Excel supplements below for detailed GREFI data.
Global Real Estate Fund Index (GREFI) Quarterly
Published on 17 Jun 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.