2025 highlights a year of steady improvement for European non-listed real estate funds. In our IQ blog, we explore how the INREV Quarterly Fund Index delivered positive performance in every quarter— the first calendar year to achieve this since 2021. Q4 2025 recorded a total return of 1.24%, the strongest quarterly result of the year.
The Index now includes 315 funds, representing €308.5 billion in GAV as at Q4 2025.
The blog also explores notable geographical and sector trends, including strong results from Dutch and Nordic funds, continued underperformance in Germany and consistent outperformance from residential strategies.
Read the full IQ blog for a complete breakdown of 2025 performance.
Interested in more insights for last year’s performance? Join the next Research and Market Info briefing on 2025 results on 19 March at 10:00 CET