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.