@article{article_1842091, title={The Asymmetric Impact of Geopolitical Risks on Green and Conventional Real Estate Markets}, journal={ANKARA ÜNİVERSİTESİ GAYRİMENKUL ÇALIŞMALARI DERGİSİ}, volume={1}, pages={50–63}, year={2026}, url={https://izlik.org/JA54RY74WS}, author={Doğan, Mesut}, keywords={Real Estate Markets, Geopolitical Risk, Sustainable Real Estate Indices}, abstract={This study aims to analyze the dynamic impact of global geopolitical risks (GPR) on both green and conventional real estate markets through a comparative perspective. Utilizing daily data spanning from December 19, 2016, to December 9, 2025, the green real estate market is represented by the Dow Jones Developed Green Real Estate Index, while the conventional market is proxied by the S&P Global REIT Index. Geopolitical risk is measured using the widely recognized index developed by Caldara and Iacoviello (2022). The methodological framework of the study employs the "Quantile-on-Quantile (QQ) Connectedness" approach developed by Gabauer and Stenfors (2024), which captures asymmetric interactions between markets. The empirical findings reveal that both real estate indices exhibit a pronounced quantile-dependent response to geopolitical risk. Specifically, connectedness intensifies during high geopolitical risk regimes, indicating that shock transmission strengthens and market co-movement increases during periods of stress. Furthermore, it is observed that green real estate assets exhibit higher sensitivity to geopolitical stress. This suggests that sustainability-oriented assets may become more vulnerable during periods of elevated uncertainty. In conclusion, geopolitical shocks induce asymmetric and regime-dependent spillovers in real estate markets. These results provide critical implications for effective risk management, strategic portfolio diversification, and the design of macro-prudential policies.}, number={1}