I think the EU is just a bunch of countries in a trenchcoat. The main reason for this is the lack of mobility between countries. Each country has its own language, and more importantly social security, benefits, taxes, and the properties are much more expensive compared to salaries than pretty much anywhere in the world.

So either you're a long term renter with locked in low rates, or own an apt, so you have very little incentive to move. People who do move usually come from a poorer part to a richer part, and once in their lives, or they move to a warmer country like Spain when they retire.