By　the　end　of　1980s,　reforms　of　the　land　system　and　urban　housing　system　had　begun.　With　the　rapid　growth　of　the　real　estate　investment,　the　relationship　between　economic　growth　and　real　estate　investment　is　attracting　more　and　more　people＇s　attention.　In　this　paper,　two　indexs　-　real　estate　development　investment　and　per　capita　GDP　stand　for　the　level　of　Beijing＇s　real　estate　investment　and　economic　growth.　By　adopting　the　root　stationary　test,　cointegration　test　and　error　modification　model,　this　article　analyzes　the　real　estate　investment＇s　influence　on　Beijing＇s　economic　growth.　All　of　the　data　are　between　1986-2009.　The　conclusion　shows　that　real　estate　investment　plays　an　important　and　positive　role　in　the　economic　growth　in　Beijing.　In　addition,　the　influence　chiefly　embodies　in　a　short-term.