I'm seeing moderate housing price increases at best in Germany and Italy, and that's generally going to happen because of inflation in general. I don't see the evidence that declining demographics are directly causing housing in cities there to get more expensive.

Like another reply said, it's more likely that general movement from rural to urban is what's causing that, and that if their population growth was higher, those cities would've just gotten even more expensive than they're getting now.

Germany: https://www.statista.com/statistics/1150526/annual-house-pri... Italy: https://www.immobiliare.it/en/mercato-immobiliare/