Housing prices cannot easily be compared country by country. For example if house prices rise with income this may reflect a fundamental increase. If house prices increase a lot more than income this is probably not sustainable. If you compare house prices to rents and income per country you can make a better comparison. Compared to rents house prices are the most overvalued in Canada, New Zealand and Belgium. They are the most undervalued in Japan and Germany, and surprisingly also in the United States. Compared to income house prices are the most overvalued in Belgium and France. They are the most undervalued in Japan, China and the United States.
In total (average of rental and income) prices are most overvalued in Singapore, Canada, Hong Kong, Belgium and France. They are the least overvalued in Japan, The United States and Germany.
Due to a request by the Economist this graph has been removed.