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The paper is to present the essence of price bubbles, which are extremely important phenomena in the analysis of financial crises. They are often ground such crises. The analysis of price bubbles being first of all requires a critical review and evaluation of the impact of various factors on this phenomenon. The authors put forward a thesis of the important role of behavioral factors in the creation of price bubbles. In practice, there are also cases of infection price bubbles through international channels. The authors presented two case studies of countries (Polish and United Arab Emirates), where it was indeed the subprime crisis, but it occured, and the price buble burst in the property market. The main purpose of the article is an overview of the factors that create price bubbles and the effect of contamination and to analyze the specific role of behavioral factors in the real estate market.