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.