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The Impact of Metaverse Business on the Real Estate Industry

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Nesaif, Bader Mohammed Rashed Bin and Shagufta, Syeda (2023) The Impact of Metaverse Business on the Real Estate Industry. International Journal for Innovative Research in Science & Technoology (IJIRST), 8 (7). ISSN 2349-6010

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Official URL: https://doi.org/10.5281/zenodo.8241200

Abstract

Metaverse technology has the potential to transform the way real estate transactions are conducted to buy and sell properties. The paper aims to investigate the impact of Metaverse business on Dubai real estate. A qualitative in-depth inquiry is conducted using semi- structured interviews with 10 real estate agents and brokers in Dubai. The findings indicate that Metaverse can boost real estate transactions by providing an immersive and interactive experience to potential buyers. However, the paper also highlights the challenges associated with the use of Metaverse technology in Dubai real estate such as concerns over privacy, security, and legal requirements. Nevertheless, the insights from this study can inform the decisions of real estate companies as they explore the novel landscape of Metaverse business.

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