Many European cities are experiencing the steepest declines amid stagnating population growth and weaker economic activity. On the flip side, bubble markets like Dubai, Miami, and Tokyo have seen sustained price increases driven by population growth and demand in the luxury sector.

This graphic, via Visual Capitalist's Dorothy Neufeld, shows the annual change in real home prices across housing bubble cities, based on data from UBS' Global Real Estate Bubble Index 2024.

Prices Diverge as Interest Rates Take a Toll

While high interest rates have cooled home prices in certain real estate bubble cities, others have shown remarkable resistance, leading to a diverse landscape across the 25 markets analyzed

*Paris data as of Q1 2023-Q1 2024.