The INREV Annual Fund Index delivered a total return of 4.33% in comparison to 2.64% in 2024. This is the highest annual performance since 2021.
The latest annual release includes 375 funds with a combined GAV of €354.7 billion as at the end of 2025.
Key highlights:
- Capital growth turned positive to 1.26% after three years of negative performance.
- Core funds outperformed their value added peers for the third consecutive year.
- Residential specialists outperformed, while office funds continued to deliver negative returns.
- Dutch funds were the outstanding performers amongst the single country strategy funds while Nordics and Southern European funds outperformed other regions.
View detailed analysis via the Index Analysis Tool or download the report, Excel and snapshots below.
INREV Annual Index
Published on 28 Apr 2026
The INREV index is a performance index for the European non-listed real estate funds investing 90% of GAV or more in Europe. The INREV Index measures annual Net Asset Value based performance. The information for the annual index goes back to 2001. The Annual Index is published in the third week of April. INREV members are able to analyse the INREV Index in more depth on the INREV website using the INREV Index Analysis Tool..org (47)