The GREFI All Funds Index delivered a positive total return of 0.77% in Q4 2024, up by 39 bps from 0.38% posted in the previous quarter. The GREFI All Funds Index features 419 funds and represents a total gross asset value (GAV) of USD 887.9 billion.
Key highlights include:
- European-focused funds’ performance delivered a total return of 1.21%, the strongest performance from the region since Q2 2022. At 2.68%, the one-year return turned positive and outperformed the other regions.
- US funds’ performance improved the most and was up by 99 bps, posting a total return of 1.08%. The one-year annualized total return stands at -1.58%. The performance of Asia Pacific funds slid back to negative territory this quarter, delivering a total return of -1.41%.
- The one-year GREFI All Funds Index total return improved from a -4.38% in Q3 to -0.42%. Performance over the longer-term time frame of five years remains positive.
Download the report, Excel and snapshots below for detailed GREFI data.
Interested in more data-related updates from INREV? Check out our new page shining a spotlight on 'A wealth of data at your fingertips'.
Global Real Estate Fund Index (GREFI) Quarterly
Last updated on 20 Mar 2025
The Global Real Estate Fund Index (GREFI) is jointly produced by INREV, ANREV and NCREIF and measures the performance of non-listed real estate vehicles on a global scale.
Please send feedback to bert.teuben@inrev.org, daisy.huang@anrev.org, or ddierking@ncreif.org
The GREFI is an index showing the performance of non-listed real estate funds on a global scale. The GREFI is updated on a quarterly basis and is published 12 weeks following the quarter end.
The aims of the GREFI are to improve transparency of real estate as an asset class and to help our members make better informed investment decisions. As an industry, it is vital that we work towards being able to make robust global and intra-regional comparisons.
This initiative represents the integration of three member-driven non-profit organisations to meet the data collection and information needs of their expanding global activities, and to serve as the basis for further collaboration in the future.