How important is real estate as an economic sphere

As we all know there many factors that influence the economy of any country, some of which are the percentage of jobless people in the country, the international relations of the country, the import and export and many other factors. However, it was a surprise for me when I found out that the real estate is one of the factors that have also impact on the economy of any country. Since, we know how well developed countries improve and stabilize their economies, the not so well developed are of a bigger interest for me. Mentioning this word the first country that comes into my mind is Bulgaria. Although, it is one of the countries famous for its nature, it is also one of the countries famous for poor economy and low living standards. 

The factors that I mentioned above, as the most influential once, make Bulgaria even more unstable and undesirable to live in.  However, there are still some good sides, which the country has as an advantage, which are the low prices of real estate. But, one should always look at a problem from both sides, which is exactly what I will do now. On one hand, the low prices attract more investors, including foreign investors and these foreign investors bring money to the country. Let me give you an example; imagine a foreign investor wants to buy a land, where he can build either a hotel or his own house. The low prices of real estate are an advantage here, since every investor will choose to pay less money. Additionally, when building the investor creates job position in the building area, which by the way is one of the areas that was badly impacted by the crisis. In fact, creating new jobs means decrease of a percentage of jobless people in Bulgaria, which implies an improvement in the economy of the country.  On the other hand, it is well known that the higher the prices of real estate are the more taxes we pay and the more the country gains. Apparently, a   real estate factor is of a great importance for the economy of any country, and I don’t have to mention how a better developed economy might influence the live in this country.