European non-listed real estate delivered a record-breaking performance in fourth quarter 2021. The INREV pan-European Quarterly Asset Level Index posted a record-high quarterly total return of 4.85 percent, driven by exceptional capital growth of 3.99 percent, which accounts for more than 80 percent of the total performance. This represents a one-year rolling total return of 12.89 percent — well above the annualized three-year rolling total return of 8.02 percent.
Similarly, the INREV Quarterly Fund Index delivered a total return of 4.27 percent, compared with 2.93 percent in the third quarter of 2021. Again, capital growth pushed up overall performance, hitting a high of 3.18 percent (74 percent of the total) — the strongest result at the fund level since 2006.
According to the INREV pan-European Quarterly Asset Level Index, Germany posted the strongest total return in fourth quarter 2021 at 6.33 percent, with capital growth of 5.62 percent. At least in part, thi
