The bulk of France population-wise is indeed Zonedland: major metropolitan areas, especially in the Southern half of the country.
The previous RE bubble in the 90's was mostly limited to the Paris metropolitan area. This bubble is more egalitarian (progress at last!): all medium and large cities and associated exburbs were affected.
Meanwhile, in Germany, there was no RE bubble at all. Property prices have even slightly decreased if I'm not mistaken. Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
