Hong Kong is leading in the list of cities with high probability of property market bubble, Bloomberg reports with the reference to UBS Group AG.

Munich, Toronto, Vancouver, Amsterdam and London follow Hong Kong in the Global Real Estate Bubble Index of UBS, which includes 20 major world centers.

Prices are growing by 35% in large cities over last five years, which resulted in “affordability crisis” of housing.

Meanwhile, risks are not that obvious as ahead of global financial crisis. Mortgage volumes are growing with slower pace, and there are also no signs of simultaneous excess in lending and construction.

First cracks in global housing market already appeared, UBS report notes. Prices started falling in four out of eight cities included into property bubbles list in 2017. Those cities include Sydney, Stockholm, London and Toronto.

As a whole, most of 20 cities grew much slower in last four quarters, then in previous years.

Hong Kong is also leading in a list of cities in regards to number of years necessary to qualified worker to buy an apartment with 60 square meters area located close to the city center. For Hong Kong, it is 22 years, while for London taking second place it is 15 years.