Is Virtual Reality (VR) the Future of Real Estate?

Virtual Reality Real Estate

Virtual Reality (VR) has gradually established itself as a boon to the fields of Architecture, Engineering, and Construction. Architects and designers are aptly leveraging the technology to give their users a virtual yet realistic experience, helping them better understand spaces that are not yet built or accessible.

VR also proves helpful in examining factors such as the effect of daylight in a room at different hours of the day, or views from aboveground floors. Virtual reality technology may even be employed early on in the concept design stages to assess these influences better, compared to viewing a scale model on screen.

Now, VR technology is quickly transcending other associated fields, one of the most prominent ones being real estate. Both residential and commercial real estate can be simulated using Virtual Reality to give the buyer a sense of space remotely or explain to them the future development vision. Such an experience is best when completely immersive and involves the use of specialized headsets and equipment.

The Perks of Using Virtual Reality in Real Estate

Today, it is possible to make 360-degree Virtual Tours of both completed and currently under-construction properties. To create immersive views of a created property for completed projects, photo capture and stitching technologies are commonly used. For those under construction, photorealistic rendering techniques are used to create virtual tours during or before the property is developed.

Such virtual interactions improve customer experience, convenience, and engagement while saving a lot of money, time, and effort in the sales process. Users are also able to explore a variety of building materials in the process and make the best-suited decision. It is likely for VR to take over as the best tool for interpreting the visual, temporal, and maybe even textural appearance of materials in the future.

VR Tools shaping the Built Environment

Significant value in terms of cost and time savings is unlocked by a VR-integrated design and build process. Customers can better visualize building designs thanks to 3D and VR. Completely immersive VR is extremely useful for understanding sizes and dimensions.

The finest VR experiences also incorporate BIM information and real product catalogues to aid with decision-making, real-time customization, and cost estimation. Such integrated visual representations can be used as a source of truth and a reference during the building process.

With little to no rework, all of this translates to greater transparency, quality, overall efficiencies, and a vastly improved customer experience. Most commonly, access to specialized, high-end VR headsets combined with cutting-edge software engineering skills is necessary for really immersive, captivating, and perfectly integrated experiences.

Through VR-powered Experience Centers and integrated software solutions, some of the more creative and revolutionary businesses in the sector are addressing this and making it more accessible and cheap for the client. Case in point: Real estate developers in Ahmedabad leaving a mark with their use of VR technology.

Combining Metaverse and VR for the AEC Industry

VR and the Metaverse are already redefining “conventional” real estate as we know it, even to the point of gamification with monetary returns for users. For instance, private owners with individual plots on the metaverse are developing their properties in interesting ways. Some are building virtual houses for themselves, while others are leasing them as virtual stores to brands selling digital goods.

Gurgaon-based PropTech venture SquareYards has created a high-end 3D digital twin of Dubai to demonstrate the brilliant use of technology for real estate search and discovery. The platform plans on integrating cutting-edge technologies like 3D mapping, Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality to create an interactive real estate visualization solution.

Back in India, real estate companies in Ahmedabad are embracing the metaverse to change the buyer’s experience. For example, Nila Infrastructures is using the metaverse and immersive VR to elevate the real estate purchase experience for customers.

Truth be told, there are many more advancements to come in the field of VR and allied technologies that can completely transform real estate as we know it. We have to keep in mind that future shoppers will mostly be Millennials and GenZs, and they will have entirely new expectations from the industry. It is time that PropTech ventures start leveraging and scaling VR, AR, AI, and blockchain technologies banking on these prospects.

Amodini Allu
Amodini Allu

Amodini discovered her love for writing while working as an Editorial intern for an architectural platform, and runs a blog about life through the eyes of an Architect.

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