MSCI’s Real Estate Market Size report for 2018 has calculated that the professionally managed global real estate investment market increased in size from $8.5 trillion (€7.6 trillion) in 2017 to $8.9 trillion (€7.9 trillion) in 2018. China replaced Germany as the fourth-largest market, despite Germany experiencing market growth. In Europe, the UK, Italy, Belgium and Ireland saw a decline in market size estimates. The most significant change has occurred in the Czech Republic. The country enjoyed a 22 percent increase in market size.