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Eight cities on the verge of a housing bubble — and not one of them is in the U.S.

Before you go calling San Francisco real estate a bubble just waiting to pop, take a look at this ranking of housing markets around the world.

UBS’s 2017 Global Real Estate Bubble Index lists the cities whose housing markets are at greatest risk of becoming bubbles that could eventually deflate, or worse. The index scores come from the weighted average of other common subindexes, including changes in the price-to-income ratio and the mortgage-to-GDP ratio.

While San Francisco’s market was listed as “overvalued,” it is not deemed a “bubble risk.” In San Francisco, housing prices have gone up 65% over the past five years, not enough to make the city the most expensive place in the U.S.

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