Global Real Estate Bubble Risk in 2025

What We're Showing

This infographic shows the cities with the highest bubble risk worldwide based on the UBS Global Real Estate Bubble Index 2025. UBS calculates bubble risk scores using a range of indicators, including price-to-income ratios, price-to-rent ratios, and trends in mortgage lending and construction activity.

Cities are classified into three broad categories based on their index score:

• Bubble Risk: >1.5
• Overvalued: 0.5 to 1.5
• Fairly Valued: -0.5 to 0.5

Key Takeaways

• Miami tops the 2025 Real Estate Bubble Index with a score of 1.73, placing it firmly in bubble risk territory.
• Tokyo and Zurich also exceed the bubble risk threshold score of 1.5.
• Toronto and Hong Kong saw the largest year-over-year declines in bubble risk and house prices.
• Real house prices rose the most in Madrid (13.6%) and Dubai (11.1%).