The GREFI All Funds Index was positive for the seventh consecutive quarter in Q1 2026, delivering a total return of 1.19%, up 14 bps from 1.05% posted in the previous quarter. The GREFI All Funds Index features 455 funds and represents a total gross asset value (GAV) of USD 956.32 billion.
Key highlights include:
- European funds delivered their strongest quarterly performance since Q2 2022, posting total returns of 1.30%, up 12 bps from the previous quarter. The one-year annualised total return stands at 4.59%.
- The performance of Asia Pacific funds was down 4 bps maintaining positive total returns of 1.30% this quarter. US funds’ performance saw an increase of 25 bps in Q1, delivering total returns of 1.04%.
- Both GREFI core and non-core funds maintained positive performance in Q1. The GREFI core funds outperformed their non-core peers, posting total returns of 1.27%, up by 19 bps from the previous quarter. Meanwhile, the performance of the GREFI non-core funds slightly decreased by 6 bps in Q1, delivering a total return of 0.88%.
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Global Real Estate Fund Index (GREFI) Quarterly
Published on 17 Jun 2026
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.