The property and real estate sector is one of the sectors that has been quite severely affected by the Covid-19 pandemic. Almost all companies in this sector experienced a significant decline in sales due to reduced consumer demand. Therefore, this research aims to analyse the potential bankruptcy of property and real estate sector companies during the Covid-19 pandemic using the Altman Z-Score method. Samples were taken using the purposive sampling method, with 31 companies as the selected sample. Analysis of the data used is descriptive quantitative analysis with data sources in the form of literature and documentation. The results of the study show that in 2019, 5 companies were categorized as bankrupt, then five companies were categorized as bankrupt in 2020, and in 2021, four companies were categorized as bankrupt based on the criteria from the Altman Z-Score. However, companies categorized as bankrupt can survive and continue their business because of the various creative and innovative strategies implemented by each company.