The European housing market appears to be characterized by the house price illusion i.e. the belief that when one house sells for a higher price, other homes will also sell at higher prices and individual wealth increases.
This is how it's described by the Real-World Economics Review Blog, who charts four-year prices movements for individual countries using Eurostat data.
Economic analyst Jesse Colombo has warned of a housing bubble developing Northern and Western European countries like Finland and Sweden.
Here's the chart from Eurostat (via RWER):
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