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The real estate market in Dubai may be booming and many families are buying up huge villas in fashionable areas for a lot of money, but away from the hot spots, the UAE is at the forefront of a quiet revolution that is expected to soon sweep other countries as a new fashion peak in the industry.
And the metaverse, the virtual environment, is the place where all this happens.
The UAE's virtual real estate sector, which at first was just a curiosity, has recently grown dramatically: virtual lands and residences are quickly selling out and reaching new highs in price.
New virtual real estate assets in the UAE are being created by tech-savvy, innovation-oriented companies such as Crypto House Capital, which are also attracting investors and corporate brands to the emerging metaverse market.
While investors are rushing to support the Gulf country's attempt to establish itself as a real estate investment hub, the UAE real estate market has experienced a fantastic few month.
According to the Dubai Land Department, in June 2022 alone, the volume of purchase and sale transactions reached a whopping $6.9 billion, which is considered the largest figure in the last 13 years (DLD).
