Prepare your avatars, because the future of Dubai’s real estate market is about to unfold in the metaverse. A Dubai university student is set to launch the inaugural edition of a groundbreaking property event in the virtual realm, known as Real Estate Worldscape 2023, scheduled for October 2023.
This groundbreaking event will unfold on an ultra-realistic “virtual stage,” where participants will engage in communication through voice chat and proximity chat systems, immersing themselves in Dubai’s digital twin.
Volston Abreo, a Senior Computing Security major at Rochester Institute of Technology (RIT) Dubai, is the driving force behind this innovative initiative. He explains, “Each participant will have an avatar, and individuals can choose from a variety of characters, aiming to represent different cultures and typical event attire. We’ve even created a virtual Emirati culture, complete with characters wearing kanduras or business casuals.”
Supported financially by RIT Dubai and in partnership with the Mohammed Bin Rashid Smart Learning Program (MBRLP), Abreo and his team have designed this platform to be user-friendly. All that delegates require is a laptop and a reliable WiFi connection; there’s no need for VR headsets, ensuring accessibility for all who wish to join the summit.
Once registered on the website, participants receive a download link for the application, enabling them to select an avatar and pick from a range of six or seven characters that align with their preferences.
The heart of the event lies in participants navigating a digital twin of Dubai, where their objective is to generate cash flow by analyzing market trends within this virtual conference.
Abreo elaborates, “Our digital twin features Dubai in 2012, during a property market boom. Participants can choose from seven areas, including the luxurious Palm Jumeirah to more affordable localities. We’ve curated these locations, provided pricing information, and included current data on living conditions. This allows people to make informed decisions, gaining insights into market behavior and economic trends.”
Notably, all historical data is based on real information, spanning from 2023 to 2030, offering attendees a valuable tool for making future projections based on past trends. This empowers them to make prudent choices when buying and selling properties in terms of timing and location.
The genesis of this virtual stage, Flege, came during the COVID-19 pandemic when Abreo and his team recognized the metaverse’s potential for creating an ecosystem that bridges physical experiences with the virtual world.
He adds, “I decided to focus on the real estate sector to help launch this ecosystem, as it’s one of the most established industries here, yet it has been slow to embrace innovation.”
Through this initiative, the student hopes to shift perceptions within the real estate sector, underlining the importance of integrating technology to showcase its value. He says, “I want to change the business mindset by demonstrating the value of incorporating technology into the industry.”
With over 550 properties available for investment, this simulation equips participants with the mindset of informed real estate investors, allowing them to build wealth within the Dubai marketplace.
Meanwhile, university leaders acknowledge their role in diversifying the economy and ensuring graduates can embark on fulfilling careers.
University President Dr. Yousef Al-Assaf states, “Within this ecosystem, we offer academic, business start-up, and mentoring support, as well as financial resources, thanks to funding from the Mohammed Bin Rashid Smart Learning Program. This enables us to connect innovative start-ups with the broader technology ecosystem in Dubai Silicon Oasis, providing comprehensive support for their journey towards becoming successful businesses.”
The Real Estate Worldscape 2023 event promises to be a pioneering step in the real estate industry, leveraging the metaverse to provide invaluable insights and opportunities for both seasoned professionals and newcomers in the field. This innovative approach to real estate education and market analysis demonstrates the growing influence of technology in reshaping traditional industries.
