The report found that home prices in Tel Aviv rose almost consistently from 2003-2017, which caused the market to enter a “bubble price range.”

However, the report said, the growing difficulty of purchasing an apartment and the rise in mortgage prices led to an actual price drop of almost 10 percent.

“The party is over,” the UBS report declared, explaining that housing prices in Tel Aviv were “approaching normal.”

Middle- and upper-class Israelis need to work for 11 years to be able to afford a 650 square foot apartment in central Tel Aviv, which is similar to the years required to buy a home in Tokyo or New York, but less than in Hong Kong and more than are needed to buy a home in Munich, Moscow, Frankfurt, or plenty of other major cities.

Tel Aviv is ranked 13th on the list of the world’s “bubble cities,” meaning cities in which housing prices are outrageous and have the most chance of seeing their real estate bubbles burst.