Improvement of the quality of life is one of the main economic policy tasks in many countries. The research topicality is being determined by the fact that quality of life and real estate are interrelated parameters and are essentially interdependent. The aim of the research is to identify the key socioeconomic aspects of the quality of life and the real estate, with a view to provide scientific and practical recommendations for improvement of the quality of life. The research is focused on Latvia. The study provides the analysis of the number of scientific literature, scientific articles and statistical databases. Quantitative research methods, comparison method and statistical analysis methods have been used in the study. Demand for real estate is affected by environmental development, as well as significantly associated with quality of life, so the research issue has been approached in an integrated manner. The results of the study underline the importance of the connection of quality of life and real estate in both short and longer term. The real estate market should solve a number of related sustainable development issues. The study results and recommendations can be applied to the industry regulation and planning of the improvement of the overall quality of life.