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The UBS Global Real Estate Bubble Index is designed to track the risk of housing bubbles in global financial centers. Toronto tops our index in 2017. We discuss the housing markets of select cities on the list and where you'd need to work the longest to buy a flat.

Bubble risk seems greatest in Toronto, where it has increased significantly in the last year. Stockholm, Munich, Vancouver, Sydney, London and Hong Kong all remain in risk territory, with Amsterdam joining this group after falling into 'overvalued' territory last year. Valuations are stretched in Paris, San Francisco, Los Angeles, Zurich, Frankfurt, Tokyo and Geneva as well. In contrast, property markets in Boston, Singapore, New York and Milan seem fairly valued, while Chicago remains undervalued, just as it was last year.