Navigating the complexities of GCC real state markets: An analysis of interlinkages amidst shocks and oil effects

Alanoud Hamad Fetais, Ahmet Faruk Aysan and Ruslan Nagayev

Journal of Multinational Financial Management, 2024, vol. 74, issue C

Abstract: The study investigates the interconnectedness of GCC real estate markets using wavelet coherence analysis of daily data from 2013 to 2023 and analyzes the impact of various external shocks (political, economic, regulatory, and pandemic) and oil dependence on these dynamics. Despite shared cultural ties and energy intensity, findings reveal primarily weak to moderate linkages, with increased coherence observed during significant events. These linkages exhibit temporal variability, characterized by short-term spikes, loose medium-term correlations, and evolving long-term relationships. Isolating the effect of oil prices yielded limited impact, suggesting the influence of country-specific factors. This research offers valuable insights for policymakers, investors, and stakeholders, aiding informed decision-making during sensitive periods and fostering a deeper understanding of international finance and investments.

Keywords: Real estate; Shocks; GCC; Oil price; International investment (search for similar items in EconPapers)
JEL-codes: C58 G15 L85 R20 R30 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mulfin:v:74:y:2024:i:c:s1042444x24000240

DOI: 10.1016/j.mulfin.2024.100859

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