Real estate in Dubai’s metaverse: Is it a worthwhile investment, or is it just hype?

Real estate in Dubai’s metaverse: Is it a worthwhile investment, or is it just hype?

Multi-million-dollar mansions, luxury hotels, chic apartments, and mega shopping malls in the metaverse could soon become the mainstay in Dubai. However, is putting money into the metaverse real estate a worthwhile investment at this very moment? Or is it all just the hype?

According to recent market data from MetaMetrics Solutions, real estate sales in the metaverse reached $500 million in 2021, and the sales volume is expected to double in 2022. The metaverse real estate market is projected to grow at a CAGR of 31 per cent from 2022 to 2028.

A key topic of discussion at the ongoing Dubai Metaverse Assembly, leading experts in the virtual and brick-and-mortar real estate space call it a 'fantastic opportunity'. The two-day Assembly kicked off to an exciting start on Wednesday, September 28, with participation from over 300 global experts and 40 organisations.

While speaking at a session that discussed opportunities in virtual real estate, Ali Sajwani, general manager of operations at Damac and CEO of D-Labs, said the company makes $100 million per quarter from virtual sales channels.

"However, we believe the conversions from this form of sales are low. To mitigate this challenge, Damac has launched immersive digital twins on virtual platforms to showcase