The UAE's virtual real estate market, which was once only an interesting curiosity, has recently expanded tremendously, with prices for virtual homes and land reaching all-time highs.

The inventive potential of Web 3.0 technologies, particularly the metaverse, is poised to change the real estate sector in Dubai. Future virtual real estate markets will bring together buyers, sellers, and brokers. Dubai-based A-list businesses like Emirates, Damac, and numerous others have already placed significant bets in this area. It is anticipated that many more will join the group. The emirate has stated its aspirations for the virtual world and desires to become a significant global metaverse centre. In fact, the city is using extended reality to create the groundwork for the next stage of humanity's virtual future (XR).

We think that the mainstream has already embraced digital real estate. Even mortgages are now being made available by lenders to help buyers purchase virtual residences. All these changes offer digital properties impulse, giving metaverse investors the chance to increase the value of their virtual assets.

In Dubai, Non-Fungible Tokens (NFTs) are gaining popularity. One of the most anticipated beneficiaries of Web 3.0 applications, which are based on blockchain technology and make use of decentralized, peer-to-peer networks, is the real estate sector.

USH plans to create and market ultra-luxury digital properties as NFTs, either with or without their physical counterparts, by capitalizing on the astute investor community in Dubai and the region's youthful population, which has a high level of comfort and familiarity with the idea of virtual worlds and its potential.

The percentage of qualified buyers will increase, and real estate agents' financial risk will decrease.

In order to meet the city's expanding demand, a large number of new physical and virtual projects have been built as a result of Dubai's real estate market's rapid rise.

Aksayaa BASKARAN
Admin Coordinator