Housing Bubble 2026: UBS Ranks Zurich & Tokyo High Risk — Dubai, London, New York Compared
Housing Bubble Risk 2026: Zurich and Tokyo Are High Risk — Where Dubai, London and New York Stand Global Real Estate | October 12, 2026 Are the world's biggest property markets heading for another housing crash? The latest UBS Global Real Estate Bubble Index 2026 gives a more nuanced answer. Among the 23 major cities studied, only Zurich and Tokyo are currently classified by UBS as having a high housing-bubble risk . Zurich leads the index with a score of 1.69 , followed by Tokyo at 1.54 . Miami, which had topped the index in the previous two editions, has fallen into the lower elevated-risk category. Several other closely watched markets—including Dubai, Seoul, Geneva and Lisbon —also sit in the elevated-risk group. At the other end of the spectrum, UBS classifies London, Paris, New York, San Francisco and São Paulo as low risk . That does not mean homes in London or New York are cheap. It also does not mean Zurich or Tokyo is guaranteed to crash. The index measures the exte...