[artsytrashcan]

That's not necessarily true. People have borrowed against higher land values and built more expensive housing with higher-end finishes. That was the whole "flipping" craze; the contents of the house were literally worth more after renovation.

>But nobody is speculating on US bathrooms.

I've got two words for you, man: rainhead shower. (Or "in-floor heating" for the Northeast. ...I guess that's 3 words.)