According to this year’s edition of the UBS Global Real Estate Bubble Index, Miami shows the highest bubble risk among the cities studied, followed by Tokyo and Zurich. Over the last four quarters, global housing prices have remained almost unchanged in inflation-adjusted terms, as reduced affordability continues to curb demand. For the study, UBS analyzed housing prices in 21 major cities worldwide.

More specifically, Miami exhibits the highest bubble risk among the surveyed cities. A high bubble risk is also observed in Tokyo and Zurich.

UBS Global Real Estate Bubble 2025: Which Cities Face the Greatest Housing Bubble Risk

Elevated risk is evident in Los Angeles, Geneva, Amsterdam, as well as Dubai, which, along with Madrid, recorded the sharpest increase in risk compared to the previous edition of the study.

Bubble risk is moderate in Sydney, Vancouver, and Toronto. Madrid, Frankfurt, and Munich also fall into the moderate-risk group.

According to the index, London, Paris, and Milan face a low bubble risk. Outside of Europe, Hong Kong, San Francisco, New York, and São Paulo are in the same category, with São Paulo showing the lowest risk of all cities analyzed.