The INREV Quarterly Fund Index delivered a 1.24% total return in Q4, up from 1.02% posted in the third quarter of the year. The Q4 2025 release includes 315 funds with a combined GAV of €308.5 billion.
Key highlights:
- At 3.19%, the Nordic funds outperformed all main countries and regions for the first time since Q2 2021
- Dutch-focused funds continued to deliver positive returns with 2.12% total return in Q4. At 0.75%, the Germany-focused funds reported their highest performance since Q1 2023
- All main sectors except office delivered their eighth consecutive quarters of positive performance
- Residential funds continued to deliver the highest returns among single sector specialists, with 1.77%, followed by retail (1.60%). After two quarters of positive performance, the office funds’ performance turned negative again
View detailed analysis via the Index Analysis Tool or download the report, Excel and snapshots below.
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INREV Quarterly Fund Index
Published on 24 Feb 2026
The INREV Fund 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.