This paper examines the dynamic interconnections between the real estate market, financial stability, and the real economy in the ASEAN+3 region. Using quarterly data from nine economies, a panel vector autoregression model is employed, incorporating impulse response functions and Granger causality tests to analyze these relationships. The findings indicate that negative shocks in the real estate market or the broader economy— such as declining property prices or reduced economic activity—intensify financial stress. Conversely, disruptions in the financial market significantly weaken both the property sector and economic performance. Additionally, the study identifies reciprocal positive influences between the real estate market and the real economy, highlighting their mutual interdependence. The paper provides comprehensive insights into structural vulnerabilities and policy recommendations to mitigate risks and enhance resilience against future shocks.