- Ultra-luxury virtual properties to trade as NFTs with or without their real-world counterparts
- Metaverse real estate market is expected to grow at a CAGR of 31% from 2022 to 2028
Dubai, United Arab Emirates: Union Square House (USH), the most awarded multi-billion dirham real estate brokerage in Dubai, is set to launch the first Metaverse mansions in the MENA region this year. The initiative comes at a time when Dubai’s public and private sectors are at the forefront of Web3 adoption.
The adoption of non-fungible tokens (NFTs) in Dubai has snowballed. The real estate sector is seen as one of the main beneficiaries, first in line to benefit from Web3 applications, which run on blockchain technology using decentralized peer-to-peer networks.
According to recent market data, real estate sales in the Metaverse reached $500 million in 2021 and the sales volume is expected to double in 2022. The real estate market in the Metaverse is expected to grow at a CAGR of 31% from 2022 to 2028.
Leveraging Dubai’s community of savvy investors and a relatively young population, which is characterized by high levels of familiarity and comfort with the concept of virtual worlds and its prospects, USH plans to develop and sell properties ultra-luxury digitals as NFTs, with or without their twin physics.
More recently, the Dubai World Trade Center launched MetaIncubator, the first Metaverse incubator in the Middle East. The Ministry of Economy hosted the world’s first-ever economic summit, Investopia Investment Summit, in the metaverse. The Ministry of Health and Prevention (MOHAP) has also developed a new Metaverse platform, allowing people to virtually access medical care and receive health-related support. In the private sector, Dubai-based metaverse startup Eikonikos recently raised $2 million in pre-seed funding.
Gaurav Aidasani, Founder and Managing Director of Union Square House (USH), said, “Our foray into the metaverse stems from our strong belief in a pervasive virtual world that is poised to transform many industries, including real estate. . In the long run, owning virtual assets such as real estate will benefit those with access to the metaverse, leaving others behind. In futuristic cities like Dubai, which thrives on a predominantly young generation, people understand the value and potential of digital assets. »
In addition to property, investing in digital mansions allows buyers to view their properties in augmented reality form and interact with other users and digital neighbors.
“We believe digital real estate has already gone mainstream. A number of lenders are even offering mortgages to help customers buy virtual properties. opportunity to multiply the value of their virtual assets over the next few years,” Gaurav added.
The steady growth of the UAE’s economy and the country’s remarkable response to the pandemic have enhanced Dubai’s global appeal to investors, residents and visitors. The positive sentiment and the attractiveness of the market continue to attract investors, especially those investing in virtual worlds.
Capitalizing on government efforts and leveraging a team of value-driven professionals with a collective focus on customer satisfaction paved the way for USH to venture into the metaverse.
USH recently claimed the top spot as the most awarded real estate agency in Dubai. The company has been awarded “Top Real Estate Agency” by Emaar Properties for the past 10 consecutive years, Dubai Properties (seven consecutive years), Meraas Properties (two consecutive years), RERA (2021), Dubai Holding (2021) , and DAMAC Properties (2021). Other notable awards include Majid Al Futtaim (Top Performing Partner for 2021), Nakheel (Number Two Best Performing Agency for 2021) and District One Meydan (Number One Agency for 2021).