Insights · Market
UBS index 2026: bubble risk highest in Zurich and Tokyo
2026-09-22 · Market · CH · Source: Il Sole 24 Ore, retrieved on 2026-09-28
The UBS Global Real Estate Bubble Index 2026 places Zurich at the highest bubble risk, followed by Tokyo. The study reviews residential prices in 23 large cities. Milan now falls into the moderate risk group, with prices up 9 percent year on year.
What this means for you
Buyers should check whether the asking price is supported by rents and incomes or depends on expected future capital gains. The study reports annual costs for a 60 square metre home above 40 percent of gross income in most cities.
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