October2021ChiefInvestmentOfficeGWMInvestmentResearchUBSGlobalRealEstateBubbleIndex20212UBSGlobalRealEstateBubbleIndexThisreporthasbeenpreparedbyUBSSwitzerlandAG,UBSAGSinga-poreBranch,UBSAGHongKongBranch,UBSAGLondonBranchandUBSFinancialServicesInc.(UBSFS).Pleaseseetheimportantdisclaimerattheendofthedocument.Pastper-formanceisnotanindicationoffuturereturns.Themarketpricespro-videdareclosingpricesontherespectiveprincipalstockexchange.EditorinChiefMatthiasHolzheyAuthorsMatthiasHolzheyMaciejSkoczekKatharinaHoferRegionalcontributorsJonathanWoloshin(US)DeanTurner(London)DennisLam(HongKong)WenChingLee(Singapore)MatteoRamenghi(Milan)RobertoRuiz-Scholtes(Madrid)...
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