This is not possible in most of Europe, and especially not in Germany, where loan-to-value limits remain conservative, refinancing is costly, and most banks would frown on any attempt to cash in on “home equity” to finance a vacation or a new car. Moreover, higher house prices and rents distribute income from poorer households (which typically rent) to richer households (which own the houses).
这在大部分欧洲国家都不可行，特别是在德国。德国的贷款/房价比限制相当保守，再融资成本很高，并且大部分银行会拒绝任何试图通过将“房屋权益”套现筹钱度假或买新车的行为。此外，较高的房价和房租使收入从贫穷家庭（往往租房）向富有家庭（拥有自己的房子）转移。但穷人的消费倾向比富人高得多。租户之国的房地产繁荣实际上可能带来总需求下降。