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 Q1 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

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 positive total returns of 0.92% in Q1 2025, up by 10 bps from 0.82% posted in the previous quarter.

• All regions recorded positive performance, with Europe outperforming the other regions, followed by Asia Pacific and then the US.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI core funds outperforming their non-core peers.

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