Economics
The World’s Biggest Real-Estate Bubbles, From Hong Kong to Toronto
- Windy City only undervalued housing market among 20 surveyed
- New York joins ranks of the overvalued in UBS annual report
Hong Kong's property market has a habit of humbling the bears, shattering predictions that the laws of gravity must eventually prevail.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Chicago may be freezing cold for parts of the year, but it has one big advantage over global cities such as New York, London and Hong Kong: it’s affordable.
The Windy City is the only undervalued housing market in a survey of 20 financial centers by UBS Group AG, partly due to its widely publicized fiscal problems and rents rising faster than home prices. New York moved from affordable to overpriced in this year’s rating even as inflation-adjusted real estate prices fell 2 percent in the past four quarters, according to the bank’s Global Real Estate Bubble Index.