Can VR help adapt the construction industry to the ‘new normal’?
Can VR help adapt the construction industry to the ‘new normal’?
The outcomes of pandemic limitations are growing more explicit: the International Monetary Fund projects real gross domestic product to narrow by around 3% worldwide, and the changes are bound to affect the real estate segment.
With that said, the construction industry’s impact will range in the various parts of the globe. Though the US has already witnessed bulk layoffs in the building activity, UAE’s development sector is already mostly back on track, with the data registering rapid advance since June/July.
The difference in today’s situation is that you can’t compare it with any previous crises.
The construction industry is entering this post-pandemic reality in a much stronger position, both in terms of the general economic conditions it operates in, such as comparatively low mortgage rates, and the circumstances within the sector itself, including innovation and new tech forming a strong foundation for overcoming the existing limitations of distancing and travel bans.
Remote working, contactless processes, augmented meeting rooms, and virtual social interaction signal an updraft in expected demand for AR and VR technologies, resulting in IDC predicting the industry’s full-year to close 11.9% higher compared to 2019 figures.
Why is VR in the real estate business especially essential today?
Extended outreach and improved confidence
Removing geographical barriers, virtual reality lets you reach out worldwide, embrace more opportunities, and grow investors’ confidence by giving them a substantial margin of safety.
Realistic and technically precise, VR stagings and tours empower informed investment choices showcasing the project as a more efficient and sustainable asset.
Increased visibility at the global marketplace
The world will offer new opportunities to companies that survive the pandemic challenges, but competition will be tough.
VR expands how developers can stay visible to investors and end-users, from remote property visits and meetings to 3D staged tours for the web and social media, improving the outcomes of marketing and networking efforts.
Preparing for the next crisis
With the second wave rumoured to cause even stricter restrictions, VR applications can help investment-seekers get their armour ready at the very early stage. Customisable and upgradable, a single VR solution may fit various projects with minimal improvement, preparing companies to weather future storms.
How has VR helped the construction companies so far?
Some of the prominent names among real estate developers looking to attract investment during the post-pandemic times have already made steps to bridge the uncertainty gap.
Broad implementation of high tech tools, including VR property stagings & virtual location tours, has added much to it, making properties go live long before their physical prototypes could exist.
Artar Real Estate Development
One of the early birds in new-tech implementation, Artar’s virtual reality journey dates back to 2016.
The company was one of the first to create interactive VR tours to attract Mada Residences, a grandeur tower in Downtown Dubai.
Artar’s virtual tours became the centre of gravity during the Cityscape Jeddah Expo, resulting in several contracts with investors signed.
Virtual reality has become a feasible way to prove the developer’s protected status incurring an even higher investor interest, particularly from Saudi Arabia, paving the way to long-term benefits.
Azizi Development
Big players are the most vivid example. Azizi Developments is arguably the leading private developer in the UAE, with over 11,000 apartments sold and thousands of houses delivered to local and international investors and end-users.
This May, the company has unveiled its new interactive virtual reality initiative, entirely in line with the UAE government’s efforts to transition the post-COVID-19 economy to the digital domain.
Accessible worldwide, the platform enables investors and end-buyers to roam both pre-developed & ready properties available from the comfort of their homes.
Lootah Real Estate Development
Another recent example is Lootah, relying on VR to continue its marketing campaigns to better investment rates. Following their predecessors’ steps, they implement VR staging for unfinished properties, providing the investors with an extra element of safeguarding their interests.
Having recently successfully attracted investment for their Waves residential complex, located in Jumeirah Village Circle, the Dubai developer is still actively involved in harnessing its IT capabilities to strengthen its marketing infrastructure.
Ready to start your own VR project and join the leaders?
The current situation suggests that more developers will follow suit in employing virtual showrooms, stagings, and tours.
Partnering with a trusted developer helps bring your vision to life with almost zero effort and at a reduced cost.
With decades of experience and 35 VR professionals and numerous foundation-stage projects under our belt, OTR’s team is there to back you up with convincing visual props for the next time you run a presentation with a potential investor.
For more information, visit: https://otr.eu/vr-ar-real-estate/
Published at Sun, 04 Oct 2020 07:41:15 +0000
