Is house construction financing possible at all?

The current war is being absorbed by the world economy relatively well, it feels like. I find the view towards China much more threatening: zero-Covid policy and a gigantic real estate bubble that is about to burst.

They only call it that to sugarcoat the immense expenses.

You only have to sugarcoat it financially if you are aiming to make as much money as possible in life.
If your own well-being, the way your own children grow up, and things like that are more important to you, then you certainly don't see a house as a financial investment, but as an investment in exactly those things. I believe most people are satisfied if they have enough money to afford a normal life (which can but doesn't have to include a house) and the occasional nice vacation, even if they haven't achieved the optimum possible outcome.

You only have to sugarcoat it financially if you aim to make as much money as possible in life. If your own well-being, the way your own children grow up, and similar things are more important to you, then you certainly don’t see a house as a financial investment, but as an investment in those very things. I believe most people are satisfied when they have enough money to afford a normal life (which can include a house, but doesn’t have to) and the occasional nice vacation, even if they haven’t gotten the absolute maximum out of what’s possible.