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There is an upward trend in housing prices around the world, and Pakistan is no different either; being a developing county, it is facing a rising population. Due to this, the demand for housing has exceeded its supply and in turn rinsing their prices. This study is the first attempt to identify housing price bubbles in Pakistan from 1972 to 2018. The data are available on an annual basis, and to capture the price volatility, it is converted into a quarterly and monthly format. The Generalized Supremum Augmented Dickey–Fuller (GSADF) test is used to detect multiple bubbles. Monthly data showed more episodes of bubbles than yearly and quarterly data; in each case, it reported two periods of bubble episodes. The results of the house price dynamics suggest a higher return with high risk in the short run.