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Photo: Photography by Harry Traeger / Getty Images Image 1 of / 9 Caption Close Image 2 of 9 London has the second-biggest bubble risk. London has the second-biggest bubble risk. Photo: TangMan Photography / Getty Images Image 3 of 9 Stockholm has the third-biggest risk for a bubble. Stockholm has the third-biggest risk for a bubble. Photo: Aaron Geddes Photography / Getty Images Image 4 of 9 Sydney has the fourth-biggest risk for a bubble. Sydney has the fourth-biggest risk for a bubble. Photo: Photo by Claude-Olivier Marti / Getty Images Image 5 of 9 Image 6 of 9 Munich has the fifth-biggest risk for a bubble. Munich has the fifth-biggest risk for a bubble. Photo: Achim Thomae / Getty Images Image 7 of 9 Hong Kong has the sixth-biggest risk for a bubble. Hong Kong has the sixth-biggest risk for a bubble. Photo: Haitao Zhang / Getty Images Image 8 of 9 San Francisco's risk is not as big as those international cities, but is considered the most overvalued in the U.S. San Francisco's risk is not as big as those international cities, but is considered the most overvalued in the U.S. Photo: chris scredon / Getty Images Image 9 of 9 S.F. has the most overvalued housing market in the country 1 / 9 Back to Gallery

While stopping just short of calling San Francisco’s market a bubble, new analysis from UBS argues that the city has the most overvalued housing market in the United States. According to the UBS Global Real Estate Bubble Index, housing in S.F. is more overvalued than in international hotspots like Amsterdam, Zurich or Paris.

San Francisco’s housing prices have increased an average of 50 percent since 2011, according to UBS. In most other international city centers values have increased less than 15 percent during the same time period.

Still, San Francisco did not quite reach the levels of what UBS deemed true bubble markets in Hong Kong, Munich, Sydney and Stockholm. Vancouver has the biggest risk for a bubble in the world, with housing prices that have doubled in the last decade. (It jumped up from the fourth-place spot it held only one year ago.) The local government recently approved a 15 percent tax on foreign buyers in an attempt to keep prices in check. As it stands now, the typical sales price of a single-family home in the Canadian city is $1,210,000. London was deemed the second-biggest bubble risk, but it remains to be seen how the “Brexit” will affect the market moving forward.

In the U.S., only San Francisco received an overvalued estimation. Boston and New York were deemed “fair-valued” and Chicago was considered vastly undervalued.

The survey did not include cities in mainland China, despite the rampant housing boom there. UBS could not include the cities due to a lack of consistent data.

Emily Landes is a writer and editor who is obsessed with all things real estate.