The GREFI (Global Real Estate Funds Index) measures net asset value performance of non-listed real estate funds on a quarterly basis. Performance is measured net of fees and other costs, and represents the aggregate investor return. The GREFI is an unfrozen index which means that historical data can change with future updates. The history of GREFI starts at Q1 2010.

Since Q3 2018 publication GREFI no longer includes US closed end value added funds (CEVA index). The Index results are based on fund level data that is provided to ANREV, INREV and NCREIF directly from managers. Data collection starts immediately after a quarter has ended for a period of up to 10 weeks after quarter end.

ANREV, INREV and NCREIF do not use publicly available information.

The Index was launched in 2014 and is now published 12 weeks after quarter end.

  • Welcome to the June 2020 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q1 2020.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions. 

    The GREFI All Funds Index delivered a total return of 0.28% over Q1 2020, down from 1.78% posted over Q4 2019, according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    • Total returns stood at -1.36% for Asia Pacific funds, 0.22% for European funds and 0.98% for US strategy funds over Q1 2020
    • GREFI Non-core funds posted the lowest return since the last 10 years, with a quarterly performance of 0.22% over Q1 2020.

    From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] , [email protected] or [email protected].

    Global Real Estate Fund Index Q1 2020PDF
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    Global Real Estate Fund Index Q1 2020XLSX
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    Global Real Estate Fund Index Q1 2020 SnapshotPDF
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    Global Real Estate Fund Index Q1 2020 SnapshotXLSX
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  • Welcome to the March 2020 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q4 2019.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions. 

    The GREFI All Funds Index returns showed an improvement over Q4 2019 with a total return of 1.86%,up from 1.39% posted over Q3, according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    • Asia Pacific funds posted a total return of 2.42% over Q4 2019, outperforming European, US and Global strategy funds
    • European non-core funds posted a quarterly return of 3.00% over Q4 2019, outperforming Asia Pacific and US non-core funds

    From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] , [email protected] or [email protected].

    Global Real Estate Fund Index Q4 2019PDF
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    Global Real Estate Fund Index Q4 2019XLSX
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    Global Real Estate Fund Index Q4 2019- SnapshotPDF
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  • Welcome to the January 2020 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q3 2019.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions. 

    The GREFI All Funds Index return showed a slight increase over Q3 2019 with a total return of 1.39% compared with 1.31% recorded over Q2, according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    • Global strategy funds take the lead, outperforming European, US and Asia Pacific funds
    • Non-core funds outperformed core funds with returns of 1.74% and 1.33% respectively

    From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] , [email protected] or [email protected].

    Global Real Estate Fund Index Q3 2019PDF
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    Global Real Estate Fund Index Q3 2019XLSX
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    Global Real Estate Fund Index Q3 2019 - SnapshotPDF
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  • Welcome to the September 2019 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q2 2019.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions. 

    The GREFI All Funds Index delivered a total return of 1.30% over the second quarter of 2019, down from 1.51% previously., according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    • Asia Pacific outperformed Europe and US with a total return of 1.94% over Q2
    • Non-core funds outperformed core funds with returns of 1.97% and 1.18% respectively

    From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] , [email protected] or [email protected].

    Global Real Estate Fund Index Q2 2019PDF
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    Global Real Estate Fund Index Q2 2019XLSX
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    Global Real Estate Fund Index Q2 2019 SnapshotPDF
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  • Welcome to the June 2019 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q1 2019.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The GREFI All Funds Index delivered a total return of 1.48% over the first quarter of 2019, down from 1.88% previously., according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    • Europe outperformed Asia Pacific and US with a total return of 1.53% over Q1
    • Non-core funds outperformed core funds with returns of 2.14% and 1.37% respectively

    From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] , [email protected] or [email protected].

    Global Real Estate Fund Index Q1 2019PDF
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    Global Real Estate Fund Index Q1 2019XLSX
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    GREFI Index Q1 2019 SnapshotPDF
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  • Welcome to the April 2019 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q4 2018.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The GREFI All Funds Index delivered a Q4 total return of 1.89%, up from 1.88% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

    Key highlights:

    • Asia Pacific outperformed Europe and US with a total return of 2.84% over Q4
    • Non-core funds outperformed core funds with returns of 2.30% and 1.81% respectively

    From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] or [email protected].

    Global Real Estate Fund Index Q4 2018PDF
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    Global Real Estate Fund Index Q4 2018XLSX
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    Global Real Estate Fund Index Q4 2018 SnapshotPDF
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  • Welcome to the January 2019 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q3 2018.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The GREFI All Funds Index delivered a Q3 total return of 1.89%, down from 2.10% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

    Key highlights:

    • The US outperformed Europe and Asia Pacific with a total return 2.02%, 1.79% and 1.59% respectively
    • Non-core funds continue to outperform core funds, recording a quarterly return of 2.02% for non-core and 1.86% for core
    • Open end funds outperformed GREFI All Funds, reaching 1.97%, down from 2.23%

    From this edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

    Please send any queries to [email protected] or [email protected].

    Global Real Estate Fund Index Q3 2018PDF
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    Global Real Estate Fund Index Q3 2018XLSX
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    GREFI Index Q3 2018 - SnapshotPDF
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  • Welcome to the September 2018 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q2 2018.

    The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The GREFI All Funds Index delivered a Q2 total return of 2.10%, down from 2.15% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

    Key highlights:

    • Total returns for Asia Pacific, European and US funds remains above 2% for the third quarter
    • Asia Pacific outperformed Europe and the US with a total return of 2.25% over Q2
    • Non-core funds outperformed core posting a Q2 return of 2.48% compared with 2.31% of Q1

    Please send any queries to [email protected] or [email protected].

    Global Real Estate Fund Index Q2 2018PDF
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    Global Real Estate Fund Index Q2 2018XLSX
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  • Welcome to the June 2018 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q1 2018.

    The GREFI was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The Q1 2018 GREFI release includes the performance of 518 funds compared to 520 funds as of Q4 2017. The GREFI includes funds in Asia Pacific (95), Europe (320), US (90) as well as funds with global strategies (13). GREFI funds represent US$736.1 billion of total gross asset value with 44% in US funds, 35% in Europe, 18% in Asia Pacific and the remaining 3% in global strategy funds.

    Please send any queries to [email protected] or [email protected]

    Global Real Estate Fund Index Q1 2018PDF
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    Global Real Estate Fund Index Q1 2018XLSX
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  • Welcome to the April 2018 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q4 2017.

    Due to additional time being needed to submit data from closed end funds in the US, the Q4 2017 GREFI has been released in two parts: preliminary release on March 28th and final release on April 18th.

    The GREFI was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

    The Q4 2017 GREFI release includes the performance of 520 funds compared to 521 funds as of Q3 2017. The GREFI includes funds in Asia Pacific (90), Europe (325), US (93) as well as funds with global strategies (12). GREFI funds represent US$718.7 billion of total gross asset value with 44% in US funds, 35% in Europe, 18% in Asia Pacific and the remaining 3% in global strategy funds.

    Please send any queries to [email protected] or [email protected]

    Global Real Estate Fund Index Q4 2017PDF
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    Global Real Estate Fund Index Q4 2017XLSX
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