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Metaverse will be significant part of property market ‘very soon’ says report

Research among 2,000 adults shows two thirds of consumers are familiar with the term and intend to transact via 'virtual estate agents'.

Nigel Lewis

metaverse

New research has revealed that a third of those looking for products and services plan to use the metaverse to find them, with 15% of those canvassed saying they’d buy or rent property though a ‘virtual estate agent’.

The research among some 2,000 UK adults by business services firm Vistaprint also shows that, rather than being a digital dream, the metaverse is already a familiar concept to around two thirds of consumers, who expect it to be a mainstream way to buy and sell things by the mid-2030s.

Several agents in the UK have already embraced the concept including eXp, which uses a ‘virtual world’ for the company’s staff across the globe. Fine & Country also recently began marketing a property with both real and digital ownership on offer.

Facebook

The rise of the metaverse – or a ‘virtual world’ in old terminology – is seen as the logical next step for the development of the internet, a view that Facebook recently adopted after the company behind it was renamed Meta.

Vista also says many consumers are attracted by the idea of the metaverse because it offers a ‘try before you buy’ ability which as virtual tours proliferate within the housing market would enable people to visit properties online before viewing in the ‘real world’.

“Emily Shirley, General Manager of Vista UK and Ireland comments: “The metaverse will open a wealth of possibilities for many small businesses, as it has the opportunity to revolutionise how every single person in the UK and beyond purchases goods and experiences services.

“While the metaverse won’t replace the physical high street, it will likely become a hybrid of virtual and in-person experiences.”

April 13, 2022

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