I think real estate is a huge bubble. In many big cities, the price of the house has exceeded the cost many times. The amount of money people pay in the house is huge.
That's not due to a bubble but the increase in population. We haven't had a war in many parts of the world for decades and some places like London are slowly becoming overpopulated with land and house prices becoming ridiculous. It's normal that you have to pay 100 times your monthly income for an apartment and even more for a house and most people can't afford it without a loan. Modern slavery.