Application of Metaverse in the Real Estate Industry

Lee, Yu Xin (2023) Application of Metaverse in the Real Estate Industry. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

The metaverse is a combination of all augmented reality (AR), virtual reality (VR) and all internet-based virtual space. These virtual spaces are perpetual, shared, and three-dimensional (3D). However, the COVID-19 pandemic has resulted in a dramatic shift in the way the real estate business functions. As the result, brokerages and agents have been reevaluating their technology platforms by considering the application of metaverse in the real estate industry. Therefore, to tackle this problem, these research study will be carried out to identify the possible applications of the metaverse in real estate, to examine the challenges faced by the application of metaverse in real estate and to recommend ways to encourage application of metaverse in real estate projects. The methodologies that will be applied for this research is starts with using literature review to identify the potential applications of metaverse in real estate industry, examine the challenges faced by the adoption of metaverse in real estate field and recommend ways to encourage application of metaverse in real estate projects. This is followed by distributions of questionnaire forms towards the property agents, valuers and construction companies in Malaysia for the first, second and third objective. The data were then be analysed using Cronbach’s Alpha analysis, descriptive analysis and relative important index (RII). The findings indicate that the most agreed possible application of metaverse in the real estate industry is the construction of a virtual smart city that is parallel to the real world. However the findings for second objective indicate that the challenges faced by the application of metaverse in the real estate industry, risk of leakage on user behaviour privacy are most agreed by the majority of respondents. Lastly, the findings for third objective shows that the most agreed ways to encourage the application of metaverse in the real estate market is government spending on the real estate firms that purchase new technology incorporates metaverse.