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.

  • 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 Q3 2023.

    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.

    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 -1.37% in Q3 2023 and was negative for the fifth consecutive quarter.
    • All three regions recorded negative performances, with European funds outperforming Asia Pacific and US funds despite dropping in performance.
    • GREFI Core funds outperformed their riskier non-core peers.

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

    Global Real Estate Fund Index Q3 2023PDF
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    Global Real Estate Fund Index Q3 2023 Excel SupplementXLSX
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    Global Real Estate Fund Index Q3 2023 SnapshotPDF
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  • Welcome to the September 2023 update of the Global Real Estate Fund Index (GREFI). This index 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 end of Q2 2023.

    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 supplement 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 -1.83% in Q2 2023 and was negative for the fourth consecutive quarter.
    • Global strategy funds outperformed regional funds with a return of 0.35%.
    • The GREFI Core funds underperformed their riskier non-core peers in all three regions.

    Please send any queries to Daisy Huang, Eileen Chiu or Amélie Delaunay.

    Global Real Estate Fund Index Q2 2023PDF
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    Global Real Estate Fund Index Q2 2023 Excel SupplementXLSX
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    Global Real Estate Fund Index Q2 2023 SnapshotPDF
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  • Welcome to the June 2023 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 2023.

    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 negative total return of -1.79% in Q1 2023.
    • Global strategy funds outperformed regional funds, maintaining positive performance this quarter.
    • The GREFI Core funds underperformed their riskier peers, with aggregated quarterly total returns of -1.98% and -0.87%, respectively.

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

    Global Real Estate Fund Index Q1 2023PDF
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    Global Real Estate Fund Index Q1 2023XLSX
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    Global Real Estate Fund Index Q1 2023 SnapshotPDF
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  • Welcome to the March 2023 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 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 negative total return of -4.24% in Q4 2022.
    • Asia Pacific funds outperformed globally, with an increased performance quarter-on-quarter.
    • Core funds had a greater decline compared to their riskier peers, posting aggregated quarterly total returns of -4.49% and -3.12%, respectively.

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

    Global Real Estate Fund Index Q4 2022PDF
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    Global Real Estate Fund Index Q4 2022XLSX
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    Global Real Estate Fund Index Q4 2022 SnapshotPDF
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  • Welcome to the January 2023 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 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 negative total return of -0.12% in Q3 2022.
    • Funds with a global regional strategy outperformed the rest, being the only funds that saw an increase in performance quarter-on-quarter (0.42% in Q2 vs 0.83% in Q3).
    • Non-core funds outperformed their core peers, posting aggregated quarterly total returns of 0.99% and -0.37%, respectively.

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

    Global Real Estate Fund Index Q3 2022PDF
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    Global Real Estate Fund Index Q3 2022XLSX
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    Global Real Estate Fund Index Q3 2022 SnapshotPDF
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  • 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. 

    Key highlights:

    • The GREFI All Funds Index delivered a total return of 4.31% in Q3 2021, its strongest performance since Q4 2005.
    • 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. 

    Key highlights:

    • 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.
    • 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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