The academic literature identifies various cognitive biases that influence the behaviour and decisions of commercial and residential real estate actors. However, the literature discusses these biases as a broad topic without understanding their causes and mitigation. The main goal of the current analysis is to identify the most biased real estate topic, as well as the causes and the mitigation of cognitive biases’ impact on real estate behaviour. The methodology of the current analysis is a critical literature review of sixty scientific articles and a secondary analysis of the data provided by the literature. The results show that most cognitive biases impact residential and commercial actors’ real estate price behaviour. The causes of cognitive biases lie in personal and social circumstances. However, mainly organisational measures, such as local market knowledge, availability and simplification of information, independent evaluations, disclosures of valuation assumptions, institutional framework, and agent evaluations, could mitigate the impact of cognitive biases on the behaviour of residential and commercial real estate actors. The current analysis is limited to the results of reviewed literature on biased real estate behaviour, excluding stock markets and REITs.