The UAE continues to outdo itself when it comes to setting bigger goals and then accomplishing them against all odds. The Emirates’ interest and investment in the metaverse underpin its commitment to position itself at the helm of the $783.3 billion global metaverse market. This focus on the metaverse at the government level is encouraging a variety of market segments to evaluate how they can creatively utilize the technology to augment their offerings. Within the several sectors that are expected to benefit massively from the wider adoption of the metaverse, the real estate sector tops the charts.
Getting the lay of the land
Some of the biggest real estate players in the region already understand the value of the metaverse and its potential for increasing sales and appeal for their properties. Local developers are providing virtual tours for their projects, and as a result, building brand awareness while increasing their scale to reach investors across the world. The metaverse is enabling potential investors and property buyers to truly ‘experience’ a project without ever stepping outside their homes.
Many companies are launching creative initiatives such as the 3D Metaverse platform that are designed to showcase real estate properties using AI, VR, and AR technologies, enabling users to ‘experience’ thousands of real estate properties on the go.
Metaverse: Covering the full range of real estate experiences
What makes the metaverse a truly interesting prospect in real estate is its infinite capacity to benefit multiple aspects of the property industry ranging from construction to interior design and property showcases.
The construction phase of a property requires multiple site visits and on-premise efforts and coordination. The location needs to be meticulously surveyed, measured, and the construction needs to be well-planned and executed. A smartly developed metaverse application can enable engineers and contractors to accurately map out a site, conduct surveys without in-person visits, and understand project progress better while saving time on the commute. The second phase of interior remodeling of a property can also be done within the metaverse, enabling designers to showcase a variety of hyper-realistic and experiential 3D renditions to clients so they can choose the looks they love.
The benefits of the metaverse also extend to the final element of real estate; property showcase. The property-visiting process can be made easier for both the real estate agents as well as the prospective buyers through the use of the metaverse. Buyers in any part of the world can enjoy a virtual walk-through of the property instead of relying on videos or photos which may be misleading.
Benefits of real estate and metaverse
The real applications of the metaverse go beyond pure entertainment and their true value remains embedded in the practical applications that they can power. The UAE’s real estate industry is set to enjoy some serious benefits from the advent of the metaverse. These include; Eliminating house hunting & saving time and effort The metaverse is in the perfect position to take the hassle out of house hunting. That means investors in future can find the right property without driving around and spending a lot of time looking at properties they will end up rejecting. Virtual tours can enable buyers to get a better understanding of the pros and cons of investing in a specific property. For the realtor, this means saving time and effort meeting potential buyers, staging and showing homes, and accompanying clients to closings.
Those interested in moving forward with a property deal will reach out for more details after a virtual property tour. Potential increase in sales & broader brand exposure For decades, realtors have relied on staging as the most effective technique to close property sales. Virtual staging through the metaverse can provide realtors with a faster and more economical way to get similar results. Additionally, when agencies incorporate high-quality VR content into their marketing campaigns, they increase their chances of generating better, more qualified leads, boosting overall engagement, and driving more traffic to their converting channels. It won’t be wrong to say that in light of Dubai Land Department’s latest rules regarding real estate marketing permits and duplicate listings, real estate agencies and brokers that utilize the immersive experience of the metaverse will find themselves in the unique position to benefit the most.
Conclusion:
The metaverse fever is catching on and with the UAE’s focus on the industry, the attention towards metaverse is only going to increase in the months and years to come. However, the industry is still in its nascent stages and early adopters are expected to enjoy maximum benefits and windfall profits.
Niraj Masand is the Managing Director of Artha Realty, a boutique real estate brokerage headquartered in Dubai.
