UBS Index ranks Zurich as the world’s most vulnerable city to a housing bubble

The UBS Global Real Estate Bubble Index 2026, published on Tuesday, identifies Zurich as the city with the highest likelihood of a housing bubble among 23 major metropolitan areas worldwide. The Swiss city has overtaken Tokyo and Miami, which now sit in second and third place respectively, while Dubai and Seoul follow in the ranking. Geneva is also highlighted as a Swiss city facing significant risk.

UBS economists point to inexpensive financing and a surge of foreign professionals as factors widening the gap between premium locations and broader housing markets. They note that rising borrowing costs could temper price growth in the short term. The report underscores growing affordability challenges for high-skill workers in these markets.