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 Q4 2023.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered a total return of -3.22% in Q4 2023 and was negative for the sixth consecutive quarter.
• All three regions recorded negative performances, with Asia Pacific funds outperforming European and US funds.
• GREFI Core funds outperformed their riskier non-core peers.

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