In my area of Germany new 3-4 room apartments(!) sell for 500-700k€. Waiting lists for parcels of land which must be allocated by the city stretch out for years

In my area of Germany new 3-4 room apartments(!) sell for 500-700k€. Waiting lists for parcels of land which must be allocated by the city stretch out for years. Old houses even in poor condition and needing major work start around 300k€. This is not some metropolis or even medium city. Quite the opposite.