The Qatari Real Estate Market Resilience, Integration, and Sustainable Development

The aim of this study is to analyze the dynamics of Qatar's real estate market and its interconnectedness with other Gulf Cooperation Council (GCC) markets. It assesses the impact of oil prices, local and global political and economic shocks, and investor decision-making factors with the aim is to propose recommendations for a sustainable real estate market in Qatar. To achieve this, the study employs a variety of time series techniques, including Multivariate GARCH-DCC, Interconnectedness Index, Wavelet Coherence, and Partial Wavelet Coherence. Furthermore, a novel model integrating DEMATEL, TOPSIS, QSFSs, and the golden ratio is used to evaluate sustainable investment policies for Qatari housing. The findings reveal a significant impact of the global financial crisis on Qatar's real estate sector. While GCC real estate markets exhibit weak correlations across horizons, they do influence each other. Saudi Arabia acts as a net exporter of shocks, followed by the United Arab Emirates (UAE). This interconnectedness is dynamic, varying by timeframe and country. The study also finds that oil prices play a limited role in market connectivity, with other factors driving individual market movements. Notably, building design is identified as the most crucial factor for housing demand in Qatar. Additionally, transportation with lower carbon emissions and renewable energy sources for electricity production are identified as critical alternatives. This research contributes to existing knowledge by providing insights for policymakers, regional and international investors, and individuals interested in the GCC real estate market.