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Bubble Markets With the Fastest-Rising Home Prices (2014-2024)
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In 2024, U.S. home price valuations are near historic levels, falling just shy of 2007 peaks.
Across many global markets, home prices have accelerated over the last decade driven by ultra-low interest rates, limited housing stock, and high demand. While the recent rise in rates has dampened some markets, others are shrugging off tighter financing conditions.
This graphic shows home price growth in real estate bubble markets over the last decade, based on data from the UBS Global Real Estate Bubble Index 2024.
Miami Home Prices Have Surged 106% Since 2014
As the number one housing bubble city globally, Miami has seen the sharpest increase in real home prices since 2014, leading property values to further decouple from rents and incomes.
| City | Total Real Home Price Growth Q2 2014-Q2 2024 |
|---|---|
| Miami | 106% |
| Amsterdam | 76% |
| Tokyo | 68% |
| Toronto | 68% |
| Vancouver | 61% |
| Frankfurt | 49% |
| Los Angeles | 48% |
| Boston | 42% |
| Tel Aviv | 41% |
| Zurich | 40% |
| Sydney | 40% |
| Warsaw | 38% |
| Munich | 36% |
| Madrid | 32% |
| San Francisco | 21% |
| Singapore | 18% |
| Geneva | 12% |
| Stockholm | 9% |
| New York | 2% |
| Hong Kong | -2% |
| Paris | -2% |
| Milan | -4% |
| London | -9% |
| Dubai | -12% |
| São Paulo | -22% |
Driving these stretched valuations is high demand in the luxury property market, where buyers are competing for limited beachfront properties.
As a record number of people move to South Florida, real housing prices have grown on average 7.5% annually over the last decade. The city is attracting billionaires and the uber-wealthy, including Amazon-founder Jeff Bezos, who purchased two properties in 2023 worth $79 million and $68 million apiece.
Tokyo has also witnessed some of the fastest growth in real home prices due to an influx of foreign buyers. Low interest rates and a weak yen are key factors driving the investment boom. Today, Tokyo ranks as the most unaffordable city globally, second only to Hong Kong.
Following Tokyo are two Canadian bubble markets, Toronto and Vancouver, each seeing real home prices rise more than 60% over the last decade.
Meanwhile, in San Francisco, real housing prices have dropped 10% since mid-2022, fueled by residents moving out of the city due to the high cost of living and the shift toward remote work. Overall, home prices have grown 1.9% annually since 2014, falling behind metros such as Los Angeles and Sydney.
Learn More on the Voronoi App
To learn more about this topic from a U.S.-based perspective, check out this graphic on the growth in home prices by state in 2024.
The post Ranked: Real Estate Bubbles by Change in Home Prices (2014-2024) appeared first on Visual Capitalist.