House prices in Europe are generally incredibly overrated (especially if you compare value/rent ratio with property in the USAs), I think it's partially explain

House prices in Europe are generally incredibly overrated (especially if you compare value/rent ratio with property in the USAs), I think it's partially explained by some cultural reasons, by the economic crisis of 2008 (for a long time buying a house has consistently been a great move) and lack of real estate housing (which is half lack of space, half government manipulating the market through various initiatives and regulations). More recently, pent-up demands after a covid induced slow down, temporary government incentives, increased risk of currency devaluation, markets, gold (heck, even cryptocurrencies) at all time highs. Once the economic damage of the pandemic is factored in, small businesses die and the middle class start being taxed even more, I'd expect the market to react negatively as people with money flee. Probably at some point after lockdowns are over (if they will be over at some point) and governments start taxing real estate purchases again (some countries reduced taxation to push the housing market up).