Union Square House to launch region’s first Metaverse mansions as Dubai tops MENA region in digital assets

Union Square House to launch region’s first Metaverse mansions as Dubai tops MENA region in digital assets

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 metaverse real estate market is projected to grow at a CAGR of 31% from 2022 to 2028.

Leveraging Dubai’s astute investor community 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 ultra-luxury digital properties as NFTs, with or without their physical twins.

Most recently, Dubai World Trade Centre has launched MetaIncubator, the first Metaverse incubator in the Middle East. The Ministry of Economy has 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 access medical care and receive health-related support virtually. Within the private sector, Dubai-based metaverse startup Eikonikos has recently raised $2 million in pre-seed funding.

Gaurav Aidasani, Founder & Managing Director, Union Square House (USH), commented: “Our foray into the Metaverse stems from our strong belief in a prevalent virtual world that is set to transform many sectors, on top of which