ZURICH—More of the world's major urban housing markets are at risk of a bubble than in 2016, UBS Wealth Management Chief Investment Office said Thursday. Topping this year's Global Real Estate Bubble Index is Toronto, a new entrant.
As they were last year, Stockholm, Munich, Vancouver, Sydney, London and Hong Kong are also still at risk of a bubble. Joining them is Amsterdam, which was merely overvalued last year. The only undervalued city in the UBS study is Chicago, with three quarters of the 20 cities studied either at risk of a bubble or overvalued.
San Francisco remains the most overvalued US city in the study, followed by Los Angeles. Also in overvalued territory among global gateway cities are Paris, Frankfurt, UBS' headquarters city of Zurich, Geneva and Tokyo. Boston and the New York City metro area are fair value, as are Milan and Singapore.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
