Global real estate AUM increased 5.7%, ending a three-year period of decline

Total global real estate assets under management (AUM) increased to €3.8 trillion* at the end of 2025, according to the Fund Manager Survey 2026, published today by ANREV, INREV and NCREIF.

This represents a 5.7% increase from the €3.6 trillion recorded at year-end 2024. This marks an end to the three-year contraction that had seen total global AUM decline steadily from the all time peak of €4.1 trillion in 2021.

Key highlights include:

1. While upper-quartile managers accounted for more than €3 trillion of global real estate AUM (78% of the total), third-quartile managers increased their share of real estate AUM from 12% in 2024 to 16% in 2025.
2. The top 10 real estate managers collectively accounted for €1.9 trillion in AUM, approximately half of total global real estate AUM.
3. Dry powder fell from €195 billion to €179 billion by the end of 2025, the lowest level recorded since tracking began in 2020. The decline reflects continued capital deployment across the industry.

The  Fund Manager Survey  explores real estate assets under management, providing insights into regional composition and vehicle types. It uses the Global AUM definition as agreed by ANREV, INREV, NCREIF and PREA.

*The number is deemed to be representative of the global non-listed real estate fund manager universe despite some variation in the number of respondents to the survey from one year to another.

Download the full report, snapshot, chartbook and Excel below.