Last Updated on January 16, 2024 by newseditor
In 2021, sales of virtual properties earned $500 million, and by 2022, that number had doubled. From 2022 to 2026, the virtual real estate industry is expected to grow by $5.37 billion. The market for property in the Metaverse is proliferating. Celebrities and other ultra-wealthy people are shelling out actual cash to acquire ownership of digital assets in metaverse real estate. First-ever metaverse mansion in the Middle East will be offered for sale by a Dubai real estate firm, Union Square House.
USH hopes to take advantage of Dubai’s advanced technological infrastructure and widespread use of the internet. Interested parties can take a virtual tour of the residences and view them in augmented reality. Whether or not they have a physical asset, Dubai real estate can be exchanged as NFTs. The Metaverse is poised to alter various industries, the top of which is real estate.
Mansions In Dubai And The Gigantic Impact Of The Metaverse
There has been a dramatic shift toward investing in digital property. Mortgages for the purchase of digital real estate are now being made available by several financial institutions. These trends fuel virtual real estate, giving metaverse investors a chance to see significant returns on their digital holdings. In July 2022, the real estate firm released its first NFTs used only to purchase ultra-luxury real estate. Micro markets have been targeted, including popular areas like Palm Jumeirah, Emirates Hills, District One, and Dubai Hills Estates. USH aims to extend the project to Abu Dhabi and other cities after launching in Dubai.
Utilize Dubai’s Savvy Investors And Young Population
Dubai’s young population understands digital assets’ worth and potential, which is what USH is leveraging. Dubai’s worldwide attractiveness among investors, citizens, and tourists was boosted by the UAE’s continuous economic growth and the nation’s incredible reaction to the epidemic. Investors, especially those interested in virtual worlds, are drawn to the market’s optimism and growth. The government’s initiatives and USH’s value-driven, customer satisfaction-focused staff have allowed the company to enter the Metaverse of real estate.
Dubai’s NFTs Are Booming, And The Real Estate Industry Is A Major Beneficiary
Dubai’s NFT adoption has skyrocketed. Web3 applications are expected to impact several industries, including the real estate market, significantly. In 2021, the estimated value of the worldwide Metaverse in the real estate market was $821.9 M. It will hit USD 5953.6 million by 2028 with a CAGR of 39.10%. Increasing investment in virtual properties and a growing number of businesses leasing real estate in the Metaverse to host events for young online users and create virtual stores further boosts the industry’s bottom line.
