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.