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 September 2022 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 2022.

    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 more than 15 years of performance across all regions. 

    Key highlights:

    The GREFI All Funds Index delivered a total return of 3.36% in Q2 2022.

    Funds targeting the US outperformed other regional strategies, posting a total return of 4.83%.

    Non-core funds outperformed their core peers, posting quarterly total returns of 4.23% and 3.19%, respectively.

    Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

    Global Real Estate Fund Index Q2 2022PDF
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    Global Real Estate Fund Index Q2 2022XLSX
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    Global Real Estate Fund Index Q2 2022 SnapshotPDF
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  • Welcome to the June 2022 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 2022.

    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 4.94% in Q1 2022. The latest result is the second strongest on record for the Index, and the strongest Q1 result since its inception in Q1 2005.

    Key highlights:

    The GREFI All Funds Index recorded its second strongest result since its inception, with a Q1 2022 total return of 4.94%.

    Funds targeting the US outperformed other regional strategies, posting a total return of 7.51%.

    Non-core funds outperformed their core peers, posting quarterly total returns of 6.77% and 4.58%, respectively.

    Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

    Global Real Estate Fund Index Q1 2022PDF
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    Global Real Estate Fund Index Q1 2022XLSX
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    Global Real Estate Fund Index Q1 2022 SnapshotPDF
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  • Welcome to the March 2022 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 2021.

    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 5.93% in Q4 2021. The latest results are the strongest on record for the GREFI, considerably above the pre-pandemic levels of 2019 and pre-GFC levels.

    Key highlights:

    US funds showed the strongest performance out of the regional strategies, recording a total return of 8.05% this quarter.

    Non-core funds outperformed their core peers, with the quarterly total returns of 7.34% and 5.66%, respectively.

    Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

    Global Real Estate Fund Index Q4 2021PDF
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    Global Real Estate Fund Index Q4 2021XLSX
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    Global Real Estate Fund Index Q4 2021 SnapshotPDF
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  • Welcome to the January 2022 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 2021.

    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 4.31% in Q3 2021, its strongest performance since Q4 2005.

    Key highlights:

    US funds showed the strongest performance out of the regional strategies, recording a total return of 7.01% this quarter.

    The performance gap between non-core funds and core funds grew to 255 bps this quarter, up from 220 bps in Q2 2021.

    Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

    Global Real Estate Fund Index Q3 2021PDF
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    Global Real Estate Fund Index Q3 2021XLSX
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    Global Real Estate Index Q3 2021 - SnapshotPDF
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  • Welcome to the September 2021 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 2021.

    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 3.46% in Q2 2021. The latest results outperform the pre-pandemic levels of 2019.

    Key highlights:

    Non-core funds outperformed their core peers, with quarterly returns of 5.28% and 3.14%, respectively

    Funds targeting the US outperformed other regional strategies, posting a total return of 4.41%

    Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

    Global Real Estate Fund Index Q2 2021PDF
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    Global Real Estate Fund Index Q2 2021XLSX
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    Global-Real-Estate-Fund-Index-Q2-2021-SnapshotPDF
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  • Welcome to the June 2021 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 2021.

    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 local currency total return of 1.64% in Q1 2021. The latest results are close to the pre-pandemic levels of 2019, yet a slight decline from 1.74% recorded in Q4 2020.

    Key highlights:

    Non-core funds outperformed their core peers, with quarterly local currency returns of 2.35% and 1.52%, respectively

    Funds targeting the US outperformed other regional strategies, posting a total return of 2.23%

    Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

    Global Real Estate Index Q1 2021PDF
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    Global Real Estate Index Q1 2021XLSX
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    Global Real Estate Index Q1 2021 - SnapshotPDF
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    Global Real Estate Index Q1 2021 - SnapshotXLSX
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  • Welcome to the March 2021 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 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 1.80% over Q4 2020, up from 0.83% posted over Q3 2020, according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    Total returns improved across all regional strategies, with Asia Pacific funds in the lead in Q4, while European funds outperforming on a 1 year rolling basis.

    GREFI non-core funds continued to outperform core vehicles, with the Q4 total returns of 2.73% and 1.64% respectively.

    Please send any queries to Daisy Huang  or Amélie Delaunay.

    Global Real Estate Index Q4 2020PDF
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    Global Real Estate Index Q4 2020XLSX
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    Global Real Estate Index Q4 2020 - SnapshotPDF
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    Global Real Estate Index Q4 2020 - SnapshotXLSX
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  • Welcome to the January 2021 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 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 0.82% over Q3 2020, up from -1.30% posted over Q2 2020, according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    • Asia Pacific funds delivered the strongest performance among the regional strategy funds.
    • European open end funds performed best amongst other open end peers, with a 1.16% quarterly return.

    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 Daisy Huang , Kip Kong or Amélie Delaunay.

    Global Real Estate Index Q3 2020PDF
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    Global Real Estate Index Q3 2020XLSX
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    Global Real Estate Index Q3 2020- SnapshotPDF
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    Global Real Estate Index Q3 2020- SnapshotXLSX
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  • Welcome to the September 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 Q2 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 -1.29% over Q2 2020, down from 0.22% posted over Q1 2020, according to the latest release of the Global Real Estate Fund Index (GREFI).

    Key highlights:

    Total returns stood at -2.33% for Asia Pacific funds, -1.62% for US strategy funds and -0.60% for European funds over Q2 2020

    GREFI Non-core funds posted the lowest return since the last Q4 2009, with a negative quarterly performance of -0.83% over Q2 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 Daisy Huang , Kip Kong or Amélie Delaunay.

    Global Real Estate Index Q2 2020PDF
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    Global Real Estate Index Q2 2020 XLSX
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    Global Real Estate Index Q2 2020- SnapshotPDF
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    Global Real Estate Index Q2 2020- SnapshotXLSX
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  • 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 Daisy Huang , Kip Kong or Amélie Delaunay.

    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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