Bloomberg reports that according to a UBS Group AG gauge, surging property prices mean Switzerland’s residential property market is close to a bubble. 

The UBS Swiss Real Estate Bubble Index rose to 1.90 points in the second quarter. The cost of residential housing shot up by the most in eight years during the period.

Switzerland, which deactivated a bank capital buffer early in the pandemic, isn’t alone in seeing house prices rise. Both Britain and the U.S. have seen increases, and New Zealand, Canada and Sweden are considered to be among the world’s frothiest markets.

The UBS analysts say the index is likely to decline in the latter half of 2021 as the economy rebounds.