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Which property market is seeing a bubble?

A general view of Egerton Crescent in the Royal Borough of Kensington and Chelsea.
Dan Kitwood, Getty Images News
A general view of Egerton Crescent in the Royal Borough of Kensington and Chelsea.

Last week, Min Zhu, an economist from the International Monetary Fund, published an article titled "Era of Benign Neglect of House Price Booms is Over," in which he sounded the alarm over rising global home prices. This isn't the first time that economists are warning of housing bubbles forming around the world.

Among the dizzying house price surges in major cities, London climbed 20 percent over the past 12 months, while Dubai was up 36 percent. In Germany, prices in major cities have increased more than 30 percent over the past five years, according to Berlin-based research firm Bulwiengesa.

In China, overall new home prices fell for the third month, government data showed on Monday, as government-imposed restrictions took the wind out of the frothy market. Still, prices in Beijing rose 4 percent on-year. Meanwhile, measures to rein in home prices are also taking effect in Hong Kong where house prices fell 0.6 percent on-year in June.

In light of these, tell us where will the next real estate bubble burst?

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