Real House Price Index

New figures on the Real House Price Index across selected European countries for Q1 2026 show a clear gap between nominal and real house price growth. While headline prices continue to climb across much of Europe, inflation-adjusted gains are more modest, pointing to a boom that is partly a reflection of rising prices generally rather than housing alone. The data are drawing attention from those tracking affordability and market overheating.

UBS's latest global real estate analysis names Zurich and Tokyo as the cities with the highest housing bubble risk, as price growth worldwide slows. The findings point to cooling momentum in residential markets after years of rapid gains, with investors watching whether overvalued cities see corrections.