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UAE Union Square House (USH), real estate brokerage in Dubai, is set to launch mansions in the metaverse across the MENA region.
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.
Union Square House plans to develop and sell ultra-luxury digital properties as NFTs, with or without their physical twins.
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 is real estate. In the long term, owning virtual assets such as real estate will benefit those with access to the Metaverse, leaving others behind. In futuristic cities like Dubai, which thrives on a predominantly young generation, people understand the value and potential of digital assets.”
In addition to ownership, investing in digital mansions allows buyers to view their properties in Augmented Reality form, and interact with other users and digital neighbors.
“We believe digital real estate has already gone mainstream. A number of lenders are even offering mortgages to support customers in buying virtual properties. All these developments give fresh momentum to digital properties, presenting investors in the Metaverse with an opportunity to multiply the value of their virtual assets over the coming few years,” Gaurav added.
USH has recently claimed the number one spot as the most awarded real estate agency in Dubai. The company has received the “Top Real Estate Agency” award from Emaar Properties for the past 10 years in a row.
This comes as DAMAC Properties as well announced its investment into the metaverse.