6#4(MPCBM 3FBM &TUBUF #V CCMF*OEFY
don, Moscow, Tel Aviv, and Singapore, while Madrid, Milan, and Warsaw remain fairly valued. Dubai is the only undervalued market and the only one to be classified in a lower category than last year. On average, bubble risk has increased during the last year, as has the potential severity of a price correction in many cities tracked by the index.
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