Global unlisted real estate fund returns continued to improve through the second quarter of 2026. The MSCI Global Quarterly Property Fund Index (GPFI) delivered a rolling 12-month net total return of 4.3 percent, extending the recovery that began in 2024 and marking the strongest performance since the market correction. Performance remained uneven across regions. Asia Pacific was the standout performer, posting a 12-month net return of 7.9 percent, ahead of continental Europe (4.0 percent), North America (3.6 percent) and the United Kingdom (2.9 percent). Following the market adjustment during 2022 and 2023, returns have stabilised and gradually improved across most regions, although they remain below the peaks recorded in earlier cycles.
Elevated interest rates continue to influence borrowing decisi
