if real-estate is a big part of total economy or big part of an economies growth, it's likely a signal that "the snake is eating itself" (from a georgism perspective)
ie. it's not a good thing in of itself
it's a lagging indicator that other parts of the economy are doing well (people are able and willing to spend more money on land)
but it's a leading indicator of future troubles (higher land costs absorb value out of other productive parts of the economy)