The Metaverse — What it Means for Real Estate in Mainland China
We are now living in an era of game-changing digitized human activity. This is a significant point in time, which only a few decades ago was once thought impossible. Moreover, it may encompass opportunities we could never envision.
The Metaverse is one of those opportunities for this point in time. It is a digital platform which offers a virtual environment that integrates Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) so that users can partake in and experience realistic encounters in realistic settings. It is growing rapidly as well. According to Global Market Estimates, the global Metaverse market is expected to grow at a compound annual growth rate (CAGR) of 45.5% between 2022 and 2027.
The ever-expanding Metaverse allows users to involve themselves within virtual, augmented and mixed realities. The Metaverse can be utilized for both work and leisure pursuits in an immersive way.
Given the platform is still in its infancy, many people are wondering what its impact will be when further developed. Practitioners in real estate in the region are no exception, with many questions being asked about the bearing the Metaverse could potentially have on the sector in mainland China. With this in mind and knowing the development of the Metaverse is still at the initial stages, we have put some preliminary thoughts together on our take on the Metaverse and its impact on the real estate sector in mainland China.
When further exploring the theme of how the Metaverse will specifically impact real estate in mainland China, we consider the topic from the perspective of six real estate sectors: