The GREFI All Funds Index delivered a local currency total return of -1.29% in Q1 2024, up 195 bps from Q4 returns, and was negative for the seventh consecutive quarter.
This release features 425 funds with a total gross asset value (GAV) of USD 910.21 billion.
Key highlights include:
- European-focused funds outperformed the three regions and delivered flat returns of 0.00% in Q1 2024, up by 191 bps from the previous quarter. At -3.24%, the one-year return is negative but outperforming the other regions.
- Despite underperforming the wider index, US funds’ performance improved the most this quarter. US funds posted a total return of -2.14% this quarter, up by 288 bps from the previous quarter. At -11.40%, the US funds one-year return displayed the lowest performance amongst the regions. The performance of Asia Pacific funds decreased from -0.89% in Q4 2023 to -1.71% in Q1 2024. The Asia Pacific one-year annualized total return now stands at -5.83%.
- The one-year GREFI All Funds Index total return improved from a revised -8.09% in Q4 to -7.55%. 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 18 Jun 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.