ZURICH, Switzerland (PNN) - October 11, 2020 - Two German cities, Munich and Frankfurt, were found to have the highest risk of a housing bubble developing in a recent survey released by investment bank UBS Other cities at risk were Toronto, Hong Kong, Paris, Amsterdam and Zurich.

In Munich and Frankfurt, housing prices grew by more than 5% over the course of a year. Prices in Dubai (rank 24) continued to ease after housing boomed between 2010 and 2014 in connection to high oil prices. Unrest in Hong Kong also saw prices decline in the notoriously pricey city and conditions also eased in Madrid (rank 21) and San Francisco (rank 14).

The survey, which included 25 cities (all of which are known for their high real estate prices), found seven to be in bubble-risk territory.

Eleven more were considered to have an “overvalued housing market”, among them Vancouver, London, Tokyo, Los Angeles, Stockholm and Geneva.

The only city with an undervalued housing market according to the survey, was Chicago.