The analysis of the real estate market in the thesis shows the importance of real estate for the economy and competitiveness of the country. A large number of factors influence the determination of the real estate price, and the most important are the location, area and position of the real estate. The decisions of the world's leading banks on the level of key interest rates significantly affect the banking and non-financial sectors. The analysis of the real estate market in the United States of America, the People's Republic of China and the Federal Republic of Germany shows the main indicators such as the movement of the real estate price index, rents and the total purchase value, and the factors that triggered or caused the crisis in the real estate market. In the last decade, the Republic of Croatia faced numerous shocks, the COVID-19 virus, the energy crisis, unfavorable macroeconomic trends, devastating earthquakes in the City of Zagreb, Sisak and the surrounding area. Based on the analysis of the real estate market in the Republic of Croatia, the impact of shocks on the real estate market is presented. The real estate market must be viewed together with the construction industry. The analysis of the construction industry shows the main sectoral indicators and the impact of negative trends on their change.