Thai real estate developers look into the metaverse

Real estate developers are also looking into purchasing land in Bangkokverse to boost their presence in the digital market

The Bangkok Post reported that CBRE Thailand hopes to secure THB13.8 billion (USD411.9 million) in residential sales in 2022, growing 15 percent year-on-year (y-o-y), with luxury low-rise and resort homes being the main drivers.

Sales of low-rise houses experienced three consecutive years of growth in 2021, with a 69 percent increase y-o-y that year. Combined sales of low-rise houses and resort homes went up from 14 percent in 2019 to 56.7 percent in 2020 and 58 percent this year.

The condo market was active before the pandemic, accounting for 85.9 percent of CBRE’s total property sales in 2019. It faced a sharp decline to 43.2 percent in 2020 and 42 percent in 2021.

After sales went up significantly in these two segments during the pandemic, Artitaya Kasemlawan, CBRE’s head of residential sales projects, said rising demand for high-priced low-rise houses and resort homes began in 2020 and will continue to grow in 2022.

Real estate developers are also looking into purchasing land in Bangkokverse to boost their presence in the digital market, according to The Nation Thailand. 

More: Thailand to experience post-Covid boom in real estate and tourism sectors

The developers are expected to take advantage of this chance to provide a new dimension to Thailand’s real estate market. The price of these virtual plots has not been disclosed, but it is likely to be considerable and may climb in the future if the platform is successful.

Thailand’s top 3D creators developed Bangkokverse in an effort to make the virtual city look as realistic as possible. It is projected to become available during Q3 2022.

Another company, Property developer Magnolia Quality Development Corporation (MQDC), is working with Accenture to create a metaverse for virtual real estate. Parut Penpayap, project director of MQDC Metaverse, said, “Customers and business partners can gain premium privilege in this metaverse. The metaverse will be user-friendly with the support of a seamless experience connecting the physical and virtual worlds.”

The Property Report editors wrote this article. For more information, email: [email protected].