ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from April 2025 include:

• Momentum is building in real estate markets, with two straight quarters of positive GREFI returns signalling potential early recovery stage.
• Though fundraising remained muted in 2024, a surge in capital deployment points to investors stepping cautiously back into the markets.
• Amid tariff battles, policy swings, and global unrest, real estate is holding firm as a safe harbour.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

This year's survey attracted the participation of 107 fund managers with 51 domiciled in Europe, 28 in North America, 27 in Asia Pacific, and 1 in South America, totaling a minimum of US$123 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee members to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.

Key highlights:

• The first edition of Asia Pacific Market Insights signals a slow and uneven recovery, as the ANREV All Funds Index climbed to 0.90% in Q3 2024 – the first positive return since Q1 2023
• Japan remains the key market with positive carry even with the pressure from the Bank of Japan to normalize rates.
• Rented Residential has become the asset class of choice for most managers, as the sector delivered a total return of 1.59% versus industrial’s 0.60% and office’s 0.02% in Q3 2024.

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ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from January 2025 include:

• In Q3 2024, the Global Real Estate Fund Index turned positive for the first time since Q2 2022.
• Optimism remains tempered as geopolitical tensions and inflationary pressures continue to pose risks.
• More than 70% of respondents to the Investment Intentions Survey 2025 planned to maintain or increase their global real estate allocations over the next two years.

ANREV is pleased to present the results of the Investment Intentions Survey 2025 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the sixteenth edition of the regional survey which attracted 90 respondents: 76 investors (94%), and 5 multi managers (6%).

Chapter 1 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2025 Investment Intentions reports.

Chapter 2 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. This chapter is based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

This study explores the relationship between sustainability practices, as measured by GRESB scores, and the performance of Asia Pacific non-listed real estate funds. By utilizing data from both ANREV and GRESB, the study identifies patterns in fund characteristics and their influence on performance. The study investigates key factors such as specialization, size, and leverage, while emphasizing the role of strong governance and management practices on fund returns. This research offers insights into the integration of ESG practices for real estate funds in the Asia Pacific market.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from October 2024 include:

• Some global return drivers have shifted significantly over the past year, offering reasons for cautious optimism for an upcoming market recovery
• US ODCE funds report the lowest total global expense ratios (TGERs), followed by Asia Pacific funds and then European funds
• Capital market volumes have shown improvement but still remain well below pre-Covid levels

The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs). This study includes 36 vehicles managed by 18 managers that submitted their 2023 TGERs representing a combined total GAV of US$75.6 billion. Of the 36 vehicles which provided data for their TGERs, 27 vehicles provided data on their 2023 REERs. Outliers were removed from the dataset.

The publication also includes the first release of global comparison of the Total Global Expense Ratio (TGER) featuring 46 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 359 billion (98% of the Global ODCE Index’s GAV) as of the end of 2023.

Key highlights include:

• The average TGER of all vehicles was 0.71% based on GAV and 1.30% based on NAV.
• Core and larger funds (average GAV larger than US$1 billion) registered lower TGERs.
• Single country strategy funds and lower geared funds reported lower TGERs.

Over the last years, the business model of institutional funds of funds managers has been changing, with a notable shift towards more diverse investment portfolios. The shift away from predominantly fund investing leaves ‘funds of funds’ terminology no longer fit for purpose when it comes to capturing this investor segment. As of 2024, INREV’s and ANREV’s Funds of Funds Study and Funds of Funds Universe have been renamed to Multi Manager Study and Multi Manager Solutions Universe, respectively. 

• Evolution of multi managers as an investor across the real estate investment spectrum
• Multi managers’ increasingly diverse allocation of capital away from non-listed funds
• Non-core allocations increased to a record 27% with a focus on value added strategies
• Structural shift outside of the traditional sectors

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from July 2024 include:

• Real estate market recovery is expected to take place at different rates across Europe, the US and APAC due to differing economic conditions and valuation practices.
• Global investors should adopt an investment strategy that fully recognises the nuances involved in placing capital in heterogeneously recovering markets.
• AUM among fund managers continues to concentrate among the largest firms, according to the ANREV/INREV/NCREIF Fund Manager Survey 2024.