This chart compares the 2017 total return performance of the 25 national markets in MSCI’s IPD Global Annual Property Index. All but one country recorded a total return between 5 percent and 15 percent. Italy was the exception with a 4.7 percent total return. The best performance was achieved in Spain where the total return was 14.5 percent. Ten markets saw total returns exceed 10 percent in 2017 and all but two of these were in Europe.