The Global Real Estate Fund Index delivered a positive total return for the fourth consecutive quarter in Q2 2025, delivering total returns of 1.01%, up by 7 bps from 0.94% posted in the previous quarter. The GREFI All Funds Index features 436 funds and represents a total gross asset value (GAV) of USD 903.6 billion.
Key highlights include:
- European-focused funds’ performance remained positive despite a slight decrease of 10 bps from Q1, delivering total returns of 0.98%. At 3.98%, the one-year annualized total return is the highest of all regions.
- The performance of Asia Pacific funds also remained positive this quarter, delivering a total return of 1.91%, up from 0.88% posted in Q1. Similarly to Europe, US funds performance was slightly down by 7 bps, but still delivered its fourth quarter of positive total returns of 0.78%. The US one-year annualized total return stands at 2.82%.
- Both GREFI core and non-core funds’ maintained positive performance in Q2. The GREFI core funds outperformed their non-core peers, posting total returns of 1.09% in Q2 2025, up 11 bps from the previous quarter. While the performance of the GREFI non-core funds was down by 11 bps in Q2, delivering a total return of 0.69%.
Download the report, Excel and snapshots below for detailed GREFI data
Global Real Estate Fund Index (GREFI) Quarterly
Published on 16 Sep 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.