I don't know enough about those two examples to authoritatively comment but I do know housing prices can be quite sticky, and the zoning and permitting is the p

I don't know enough about those two examples to authoritatively comment but I do know housing prices can be quite sticky, and the zoning and permitting is the problem most of the time but it's the problem in the sense that it is causing less than ideal supply situations, which allows prices to be driven up. There can also be situations where there is a supply mismatch where rural or urban is oversupplied. France looks like it might partially have that, as it has a very high percentage of rural housing vs the rest of the oecd (which also makes me wonder where this subsidized housing investment vehicle stuff is being built, as it could be a situation where the city is still under supplied, especially if it has rent controls, which almost always restrict supply if they are biting) I know nothing about Bulgaria so no comment.