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 from Q1 2005 up to the end of Q3 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 fifth consecutive quarter in Q3 2025, delivering a total return of 0.89%, slightly down by 13 bps from 1.02% posted in the previous quarter.

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

• The GREFI core funds continue to outperform their non-core peers for the third consecutive quarter, both delivering positive total returns of 0.91% and 0.80% respectively.

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