Real-estate bubble risks are dwindling across the world with higher interest rates taking froth out the market, UBS says

• Higher interest rates have deflated real-estate bubbles across the world, according to UBS.
• Central banks have aggressively hiked borrowing costs over the past 18 months to combat inflation.
• The New York, Boston, and San Francisco markets are all fairly valued now, the Swiss bank said.

One benefit of global central banks' aggressive interest-rate hikes over the past 18 months? Fewer housing-market bubbles, according to UBS.