The INREV Quarterly Fund Index delivered a 1.05% total return in Q3, up from 0.99% posted in the second quarter of the year. The Q3 2025 release includes 302 funds with a combined GAV of €298.7 billion.
Key highlights:
- All single sectors delivered a positive performance in Q3, with only the industrial/logistics sector recording an increase in performance this quarter.
- Residential funds continued to deliver the highest returns among single sector specialists, with 1.87%, followed by industrial/logistics (1.41%). And for the first time since Q3 2022, office returns were positive for two consecutive quarters.
- Dutch and UK focused funds continued to deliver positive returns for the seventh consecutive quarter, with 2.22% and 0.61%, respectively.
View detailed analysis via the Index Analysis Tool or download the report, Excel and snapshots below.
INREV Quarterly Index
Published on 18 Nov 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.