The euro area is the region with the most overheated housing markets. Munich and Frankfurt show the strongest warning signals. In its “Global Real Estate Bubble Index 2020” for Munich and Frankfurt, the bank calculated key figures of 2.35 and 2.26 points. At 1.5 points or more, there is a risk of a real estate bubble in the market. This is immediately followed by Paris and Amsterdam, for which, like the two German cities, there is a risk of a bubble. Zurich, Toronto, and Hong Kong also show strong imbalances. In contrast to last year, the housing market in Vancouver is in the category of overrated cities. This also applies to London, San Francisco, Los Angeles, and, to a lesser extent, New York. Boston, Singapore and Dubai are still rated fairly. The same applies to Warsaw, which was included in the study for the first time. Chicago is the only market that remains undervalued.