The Global Real Estate Fund Index was positive for the sixth consecutive quarter in Q4 2025, delivering a total return of 1.08%, up 20 bps from 0.88% posted in the previous quarter. The GREFI features 440 funds and represents a total gross asset value (GAV) of USD 941.9 billion.
Key highlights include:
- European funds delivered their strongest quarterly performance in 2025, posting total returns of 1.24% in Q4, up by 22 bps from the previous quarter. The one-year annualised total return stands at 4.43%.
- The performance of Asia Pacific funds was up 37 bps, maintaining positive total returns of 1.63% this quarter. US funds’ performance remained steady, closing the year with 0.79%, slightly up 14 bps from 0.65% posted in the previous quarter.
- Both GREFI core and non-core funds maintained positive performance in Q4. The GREFI non-core funds slightly outperformed their core peers, posting total returns of 1.11%, up by 40 bps from the previous quarter. Similarly, the performance of the GREFI core funds also increased by 15 bps in Q4, delivering a total return of 1.08%.
Download the report, Excel and snapshots below for detailed GREFI data.
Global Real Estate Fund Index (GREFI) Quarterly
Published on 24 Mar 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.