The issue with housing is that rates are very low but there are parts of Europe, just like in the US, that have been performing well economically so low rates just pour fuel on the flames (without really helping the parts that aren't doing well). This also applies to some countries, like Denmark, that have pegged their currency to the EUR (I have no idea how the Demark peg is sustainable, it makes no sense, they had strong growth, unemployment below the natural rate/serious supply issues pre-Covid, and negative interest rates...this is not a good idea, because their mortgage market is heavily securitized the impact of this likely won't come out for years i.e. when the people who have invested in the covered bond market come to pay out to retirees, and those people find out they don't have enough to retire ever).