Munich and Frankfurt top this year's UBS Global Real Estate Bubble Index comparing the risk of unsustainably high housing prices in 25 cities around the world.
Toronto, Hong Kong, Paris, Amsterdam and Zurich make up the top seven of bubble risk markets. At the other end of the spectrum, Chicago housing prices are considered to be fair value, while Boston, Singapore, Madrid, Warsaw, Milan and Dubai have been put in the Fair Value category.
"The housing markets appear to be weathering the coronavirus relatively well. Remarkably, house price growth has accelerated this year," said UBS in a statement.
"But the pandemic seems to be making some reconsider where to live. The rise of the home office and pressure on household incomes in the light of already barely affordable city apartments make living in the suburbs an attractive alternative.