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 Q2 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 Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the fourth consecutive quarter in Q2 2025, delivering total returns of 1.01%, up 7 bps from 0.94% posted in Q1.

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

• The GREFI core funds outperformed their non-core peers for the second consecutive quarter, both delivering positive total returns of 1.09% and 0.69% respectively

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