To ensure the economic stability of the state, diagnosing the presence of a bubble in the real estate market is an important task. Using the example of 11 economies of the European Union for the period 1995-2021, a cointegration analysis of time series is carried out in order to identify bubbles in the real estate market. Empirical results indicate that at the present stage, the real estate bubble is characteristic of the real estate markets of Portugal and the Netherlands. Previously, the bubble was observed in the markets of Spain, Finland and France.