Property prices in the U.S. may have fallen 2% in February, but many homeowners around the world are in the midst of a massive housing bubble.

Prices continue to be pushed up by the traditional formula: excessive demand, inadequate supply, and easy lending.

The Economist has broken down which markets are most overvalued, by comparing rental prices to sale prices of properties.

We've added context on each market by looking at GDP growth, unemployment levels and changes in monetary policy to figure out if a bubble is actually forming in any of these markets.