Wed, Oct 11, 2023 | Rabi Al-Awwal 25, 1445
Published: Thu 14 Sep 2023, 6:00 AM
Last updated: Thu 14 Sep 2023, 9:37 AM
Get your avatar suited up, for it is going to be a real estate conference in the metaverse that promises to give you a sneak peek of the future of Dubai’s real estate market.
A student at a Dubai university will launch the first edition of a one-of-a-kind property event in the metaverse dubbed Real Estate Worldscape 2023, which is due to take place in October 2023.
The event will take place on an ultra-realistic “virtual stage”, where communication will occur through voice chat and proximity chat systems as individuals enter Dubai’s digital twin. Scroll down for video.
Explaining the initiative, Senior Computing Security major at Rochester Institute of Technology (RIT) Dubai, Volston Abreo, said, “Each participant will have an avatar, and each individual will have a selection from a series of characters. We are trying to fit into different cultures and the type of outfits that people usually wear at these events. We’ve tried creating a typical Emirati culture with people wearing kanduras or business casuals.”
This platform has been created by Volston and his team, with financial support from RIT Dubai, in partnership with the Mohammed Bin Rashid Smart Learning Program (MBRLP).
Once participants register on the website, they can get a link to download the application and pick an avatar and choose from the six or seven characters that would appear.”
Delegates only need a laptop and reliable WiFi connection without requiring a VR headset to ensure accessibility and ease of joining the summit.
Participants then navigate through a digital twin of Dubai, where their goal is to achieve cash flow by analysing market trends at this virtual conference.
“We have a version of a twin of Dubai 2012 when the property market was booming. Then, you pick among seven areas from Palm Jumeirah to Dubai Silicon Oasis. Some locations, like Palm Jumeirah, are pure luxury, while some areas are more affordable localities. So, we have curated those places and have indicated prices and current livelihood aspects through our collected data, and based on that, people can make sound decisions. This will primarily help people understand the market behaviour and economic trends.”
The past is all based on real data, explains Abreo. “From 2023 to 2030 is what we put in our prediction. So, that helps people to make their own projections (by looking at the past trends) of how it’s going to look in the future, helping people to make sound decisions to buy and sell properties at the right time and from the right place.”
The 21-year-old highlights the inspiration for the virtual stage, Flege, came during the pandemic, when he and his team saw the potential of the metaverse in creating an ecosystem where people connect to physical experiences through the virtual world.
“I decided to focus on the real estate sector to help launch the ecosystem because it is one of the most established industries here, and yet it has been slow in the uptake of innovation,” he added.
With this, the student aims to shift people’s perspective within the real estate sector by emphasising the importance of integrating technology into the industry to demonstrate its value.
“I want to change the mindset of people in the business by showing them the value of bringing technology into the sector.”
With over 550 properties to invest in, the simulation will help participants think like informed real estate investors and build wealth in the Dubai marketplace.
Meanwhile, the university head emphasises that varsities, too, recognise their role in helping to diversify the economy, as well as ensuring that their graduates can build fulfilling careers.
University President, Dr Yousef Al-Assaf, said, “Within this ecosystem, we offer academic, business start-up and mentoring support, in addition to financial resources, with the backing of funds from the Mohammed Bin Rashid Smart Learning Program. We are then able to connect these innovative start-ups with the broader technology ecosystem across Dubai Silicon Oasis to access wider support so they can ultimately establish themselves as a successful business.”
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