Sometimes they are bubbles... Sometimes just repetitions. For me, the environment cannot be expensive enough, because it is nice to watch how one becomes richer oneself or the mountain of debt devalues by itself.
My colleagues thought I was crazy in 2014 to build a house with a basement and land for 450k including [Baunebenkosten]. Today they would be glad if they could get a house with a basement and over 200 m2 of living space for that price. Back then the price per m2 for land was 200 euros, today there is nothing under 300 euros.
While one is searching, one is angry. Once one has already bought a house, one is happy. Unimaginable if one later finds a house that is even better and cheaper than the one bought
I am also glad to have bought in 2013 (Neubau fing erst an), now we would have a significant additional burden for the same property despite low interest rates. As long as the economy remains strong, prices will not come back down.
My parents built their house 11 years ago for 120k. 120sqm solid single-family house. They were almost shocked when we came around the corner with our 260k (168sqm). Meanwhile, they have recovered because they see what other houses cost today (1 1/2 years ago since our signing).