Global unlisted real estate fund returns continued to improve in the first quarter of 2026. The MSCI Global Quarterly Property Fund Index (GPFI) delivered a rolling 12-month net total return of 4.0 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 7.7 percent, ahead of the United Kingdom (4.1 percent), continental Europe (3.8 percent) and North America (3.1 percent). The long-term trend highlights the cyclical nature of fund performance. 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.
