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Anyone betting on the pandemic to drive down big-city real estate prices has had a disappointing 12 months or so. From mid-2020 to mid-2021, real house-price growth in major cities around the world hit 6%, the highest level since 2014, according to the UBS Global Real Estate Bubble Index. In cities such as Stockholm and Vancouver, prices jumped by double digits. The graphic above illustrates how much the cost of buying a modest apartment has changed over the past decade in 25 cities included in the UBS study. Though Hong Kong has the highest average cost per apartment, Frankfurt and Toronto rank even higher for “bubble risk,” according to UBS, based on warning signs such as decoupling from local incomes and rents.
A version of this article appears in the December 2021/January 2022 issue of Fortune with the headline, “The new home economics.”