chicagoThe Chicago housing market is the most undervalued of the world’s largest cities, according to a new report that measures the threat of housing bubbles in various big cities across the globe. The cities facing the biggest threat of a housing bubble are London and Hong Kong.

The UBS Global Real Estate Bubble Index found Chicago to be the least at risk of a housing bubble, which is a run-up in prices that’s fueled by demand and speculation. The report noted real house prices in Chicago remain 31 percent below their 2006 peak. Among the world’s biggest cities, Chicago has the lowest price-to-income ratio when it comes to housing.

Chicago is an exception to what’s happening in most of the world’s major cities. The report concluded in a majority of the cities measured, housing market are way overvalued. However, most of that is occurring overseas. The report concluded that New York and Boston are fairly valued, while “Chicago is undervalued relative to its own history.”

You want to talk about a potential bubble: In London, it was recently reported home prices had shot up 40 percent since 2013.

You can read the full UBS Global Real Estate Bubble Index here.