Here's an article about how Paris only recently lifted height restrictions (and then in only some areas of the city): http://www.lemonde.fr/planete/article/2010/11/17/feu-vert-po...
Does that mean Paris has different zoning laws? I don't know, but for the purpose of this discussion it clearly amounts to the same thing. The local government is allowed to set policies which inflate the worth of existing properties by restricting the ability to build up.
I live in Amsterdam, and the zoning is extremely restrictive here, down to the level that only certain streets are allowed to have businesses of any sort, height & appearance restrictions etc.