The GREFI All Funds Index delivered a local currency total return of -3.22% in Q4 2023, and was negative for the sixth consecutive quarter.
This release features 429 funds with a total gross asset value (GAV) of USD 896.77 billion.
Key highlights include:
- The performance of European-focused funds decreased by 113 bps, posting a return of -1.70%. European-focused funds outperformed the GREFI All Funds for Q4 as well as for the year 2023.
- Asia Pacific-focused funds outperformed the other regions and the performance dropped only by 4 bps to -0.97% this quarter. US-focused funds’ performance dropped the most this quarter. US funds posted a total return of -5.03%, down by 300 bps from the previous quarter.
- The one-year GREFI All Funds Index total return improved from a revised -8.93% in Q3 to -8.00%. Performance over other longer-term time frames of three and five years remains positive.
Download the report, Excel and snapshots below for detailed GREFI data.
Global Real Estate Fund Index (GREFI) Quarterly
Last updated on 17 Dec 2024
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.