As competition in the property market heats up, developers are seeking new ways of attracting buyers – one recent attempt makes use of virtual reality and augmented reality (VR/AR).
It’s expected that VR will boom this year, with a wide number of sectors taking advantage of the latest technology, including real estate, which will allow potential buyers “real” experiences of property projects.
A recent report by Cushman & Wakefield estimated that VR and AR would become a US$2.6 billion market in real estate by 2020, as headsets such as the Oculus Rift and the Microsoft Hololens become common place over the next few years.
“It’s essential to begin preparing for the expansion,” Cushman & Wakefield said. “In addition to virtual walkthroughs of both finished and unfinished buildings and virtual models projected onto desks and tables in the real world – innovations which are already in development – companies see opportunities for more game-changing features a little further down the road, once mass adoption takes hold.”
Cushman & Wakefield cited a research report released last year by Goldman Sachs, saying that VR/AR hardware and software is finally catching up with consumer expectations, and are posed to disrupt a number of markets, including real estate.
Catching up with the trend, several Vietnamese developers have started to use VR and AR in their marketing to promote sales, such as Vingroup, Sun Group and BIM Group.
At a recent sale opening of Citadines Marina Ha Long, BIM Group used the Microsoft Hololens to demonstrate every detail of the project in front of buyers’ eyes.
A representative from the developer said that the use of new technologies would help make up for the gaps in traditional marketing tools.
Phan Thanh Hue from Booyoung Vina was quoted by Dau Tu Bat Dong San (Real Estate Investment) newspaper as saying that the new technologies brought life-like experiences to customers.
Dinh Anh Tuan, director of 3D Vni, which provides the hardware, said that many customers were excited about the new experiences. Tuan said that developers were staring to use VR and AR in marketing and more expansion was expected.
Tuan said that VR was forecast to become an indispensable trend, changing the face of marketing and sales in many sectors, including real estate. This technology would also help increase the competitiveness of property products, he added.
According to Pham Ngoc Mai Anh, director of ADT Creative, a start-up in VR applications, there is an increasing interest in using VR by property developers.
However, because of current prices, VR is now only appropriate for high-end segments rather than having broad appeal, experts say.