As soon as someone mutters the words London property, the word "bubble" is never far away.
London house prices displayed a jaw-dropping 20 percent growth year-on-year in July– even though last week's RICS indicator showed that the housing market is pausing for breath. Bank of England (BoE) Governor Mark Carney has sounded a warning on tougher mortgage rates and the expectation of higher rates.
But London isn't the only place which is seeing a dizzying increase in property prices. Look no further than across the channel – to the euro zone's economic powerhouse - Germany.
Major cities like Frankfurt, the financial capital, Munich with its famous beer gardens and proximity to the Alps and Stuttgart, the home of Mercedes and Porsche, are becoming increasingly attractive as a place to live and work. Germans from rural settings and immigrants are flocking to the cities.
But like in London, an equally potent driver of the property market in Germany is the good old "search for yield".
"Near zero interest rates in the euro zone make sense for the region but not for Germany. The economy has been relatively strong and the interest rate policy is disjointed from economic reality," Patrick Armstrong from Plurimi Global Macro Fund told CNBC.
"With 10-year Bund yields at 1 percent, free money will have to flow towards property at some point. Rental yields of 4-5 percent are attractive with current interest rates, and German property is the least expensive per square meter in Western Europe."
Rolf Buch, CEO of Deutsche Annington, Germany's largest private-sector residential real estate company, echoed these comments when he told CNBC the German housing market is in a "sweet spot" because of stable incomes and the benefit from low interest rates.