Looks like France is the only remaining country in Europe where the housing bubble hasn't popped yet. And many politicians don't want to rock that boat -- elections in 2012, you know. Professionals in the sector expect another 5 to 10% price increase in 2011.

As long as cheap credit continues to fuel the fire, the party may continue. The general sentiment among the public is still to perceive housing as "safe" and "solid", as opposed to other investments, stocks or PIIGS debt, especially with all the propaganda about retirement pensions being endangered: having "a roof over one's head" upon retirement becomes a safety imperative. Curiously, getting heavily indebted for more than 20 years doesn't feel "dangerous" at all.