European property funds delivered total returns of 3.2% over the three months to the end of December 2014, according to data from MSCI.
The IPD Pan-Europe Property Funds Index measured the performance of 15 cross-border funds with a total of €9.4bn (£6.6bn) in net asset value.
Of those, 11 were balanced funds, which returned a smaller amount over the period at 1.7%.
Combined with specialist funds the returns were up to 15.5% for the 12 months to the end of December 2014, returning more than combined equities at 15.3% over the same period.
