Dubai Virtual Real Estate Boom

UAE’s Damac Group has recently announced plans to invest $100 million in building its own digital cities in the metaverse.

“Over the past two years we have been aggressively driving our digitisation efforts, and this new initiative into the metaverse will only further leverage our digital footprint,” said Damac General Manager Ali Sajwani.

Today the company is keen to pioneer the possibilities that the metaverse offers so as to allow it to be more connected and involved with the customers. The initiative forms part of the company’s ambitions to move into digital assets and NFT.

Against this backdrop, another UAE company, a brokerage firm Union Square House, plans to start selling mansions in the Metaverse this year.

All these creations are driven by NFTs that have been a hot-selling item in the UAE, and the real estate sector in the country is considered one of the primary beneficiaries.

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,” said Gaurav Aidasani, Managing Director of Union Square House.

According to Aidasani a number of lenders are already offering mortgages to support customers in buying virtual properties. Therefore, the Metaverse gives investors a new opportunity to multiply the value of their virtual assets over the coming few years.