Just look at the price to rent ratio.
|Price to Rent Ratio|
An additional aspect to look at is the unemployment rate. Countries with a rising unemployment rate typically have a declining housing price index.
Let's take a few examples: Italy, Netherlands and Spain. All of them have a declining housing price and all of them have a rising unemployment rate. So buying houses when the housing price is going down is not a good idea as the biggest chunk of your money is going into the price asset of your house. Loan rates, maintenance, inflation are all sideshows compared to the price of your house.
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