This list of top ten world’s most overvalued homes is taken from the latest quarterly ranking of global house prices by The Economist based on a historical data of home prices to rents between 1975-2010.

“In theory, the price of a home should reflect the value of the services it provides,” the article states.

Those who choose to rent their homes are essentially buying those services on a monthly basis and thus, the home prices should reflect the rents paid by the tenants, according to the magazine. In Hong Kong, for example, number 54 means that the price-to-rent ratio is almost 54 percent above its long-run average.

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