UBS flags Zurich, Tokyo housing bubble risks

UBS Global Real Estate Bubble Index 2026 flagged Zurich as the highest housing bubble risk, followed by Tokyo. Miami dropped from top spot to elevated risk; Dubai, Seoul, Geneva, Lisbon also elevated. Moderate risk covered Los Angeles, Sydney, Toronto; Paris, London low risk, alongside New York, San Francisco, São Paulo. Higher-for-longer financing costs seen capping near-term price gains; ownership costs for new 60 sqm homes exceed 40% of skilled income. Real house prices rose about 10% in Seoul, Lisbon, Madrid, Hong Kong; Vancouver, Toronto fell about 10%.