European nonlisted real estate delivered its fourth consecutive quarter of strong positive performance in first quarter 2022. The INREV Pan-European Quarterly Asset Level Index posted total returns of 3.47 percent, albeit slightly lower than the record high of 4.86 percent achieved in the final quarter of 2021.
Returns were driven by strong capital growth of 2.63 percent, reinforcing continued investor demand for nonlisted real estate as an asset class. This is the second-highest capital growth since the inception of the index in 2014, accounting for three-quarters of the first quarter 2022 total return. It also pushed up the 12-month rolling return to 13.15 percent in first quarter 2022, from 12.89 percent in fourth quarter 2021.
Similarly, the INREV Quarterly Fund Index delivered quarterly returns of 3.40 percent and capital growth of 2.88 percent, marking the seventh consecutive quarter of positive performance overall, with the last four quarters being predominantly
