diff --git a/hw/core/qdev.c b/hw/core/qdev.c
index 59e5e710b7..fc4daa36fa 100644
--- a/hw/core/qdev.c
+++ b/hw/core/qdev.c
@@ -946,7 +946,25 @@ static void device_set_realized(Object *obj, bool value, Error **errp)
             }
        }
 
+       qatomic_store_release(&dev->realized, value);
+
     } else if (!value && dev->realized) {
+
+        /*
+         * Change the value so that any concurrent users are aware
+         * that the device is going to be unrealized
+         *
+         * TODO: change .realized property to enum that states
+         * each phase of the device realization/unrealization
+         */
+
+        qatomic_set(&dev->realized, value);
+        /*
+         * Ensure that concurrent users see this update prior to
+         * any other changes done by unrealize.
+         */
+        smp_wmb();
+
         QLIST_FOREACH(bus, &dev->child_bus, sibling) {
             qbus_unrealize(bus);
         }
@@ -961,7 +979,6 @@ static void device_set_realized(Object *obj, bool value, Error **errp)
     }
 
     assert(local_err == NULL);
-    dev->realized = value;
     return;
 
 child_realize_fail:
diff --git a/include/hw/qdev-core.h b/include/hw/qdev-core.h
index 2c6307e3ed..868973319e 100644
--- a/include/hw/qdev-core.h
+++ b/include/hw/qdev-core.h
@@ -163,6 +163,8 @@ struct NamedClockList {
 /**
  * DeviceState:
  * @realized: Indicates whether the device has been fully constructed.
+ *            When accessed outsize big qemu lock, must be accessed with
+ *            atomic_load_acquire()
  * @reset: ResettableState for the device; handled by Resettable interface.
  *
  * This structure should not be accessed directly.  We declare it here