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 2025 include:

• For the fourth consecutive quarter global real estate returns remained in positive territory with a 1.01% return in Q2 2025.
• With a stabilisation in valuations, attention now turns to local market dynamics to drive further income growth.
• Private capital, operating platforms and emerging property types are allowing investors more flexibility in their deployment of capital.

The Q2 2025 release of the Global IRR Index monitors a sample of 411 closed end funds across vintages from pre-2001 to 2022. All of these 411 funds follow a non-core strategy as defined by their managers and include 357 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 157 European and 180 funds focused on the USA.
• The IRR for the 2022 vintage year improved the most, from 2.10% to 6.84%, in Q2 2025.
• 2017-2019 vintage funds turned positive again in Q2 with a 0.03% IRR.
• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries, please contact Daisy Huang or Eileen Chiu.

ANREV Sustainability Committee and JLL invited investment managers to a series of round table discussions, the second of which was hosted in Melbourne, Australia on 20th of August. The event provided opportunities for managers to discuss with their peers their views on the role of ESG and sustainability for driving asset value in Asia Pacific.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q2 2025 includes 74 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q2 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the fourth consecutive quarter in Q2 2025, delivering total returns of 1.01%, up 7 bps from 0.94% posted in Q1.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.

• The GREFI core funds outperformed their non-core peers for the second consecutive quarter, both delivering positive total returns of 1.09% and 0.69% respectively

For any queries, please contact Daisy Huang or Eileen Chiu.

2024 ANREV Annual Report