AR and VR technologies have been around for some time, although they only got a lot of attention recently. The first VR setup was invented in the 1960’s and AR technology was used for training simulations in the United States Air Force since the 1990’s. Ever since, AR and VR technologies have developed a lot, even though the first commercial uses were a lot later. Nintendo released the Virtual Boy, a VR headset in 1995 and the first widely available AR technology was the Google Glass, launched in 2013. Since then, AR and VR technologies have transformed different industries and still have not peaked, so there is a lot more we can expect from it (Thampan et al., 2023).
In this particular blogpost, I would like to zoom in on the real estate market, as AR and VR technologies made some interesting developments within this industry. The AR and VR technology can add value in different stages of the process, whether you are building a new house, buying or renovating an existing property. In the building process, VR would be most convenient, as the building and layout do not exist yet, but can be walked through and certain different versions can be evaluated by visualizing it. With buying an existing property, AR comes in handy. Buyers can walk through the house, but can see it in their preferred style, making the decision a lot easier if the sellers have a different interior style. You could also save a lot of time from the real estate agent and the potential buyers if the first viewing can be done through VR. Once the house is built or bought, interior designing becomes much easier with AR. Take the IKEA app, where you can pick and choose furniture in their app and put it into your own interior with AR (ID.nl, 2022).
AR and VR technologies are very useful in real estate and are expected to soon be more widely adopted in this industry (PwC, n.d.). It saves a lot of time, personalizes the experience and helps buyers visualize their vision for the property. It also as an impact on related industries such as furniture stores, architects, renovating companies and home décor shops. These technologies have not reached their full potential yet so I’m very excited to see what other innovations it will lead to in real estate.
ID.nl. (2022, 26 augustus). Richt je huis virtueel in met AR-app IKEA Place. ID.nl. https://id.nl/huis-en-entertainment/computer-en-gaming/game-accessoires/richt-je-huis-virtueel-in-met-ar-app-ikea
PwC. (n.d.). Virtual reality is transforming real estate. Are you ready? PwC. https://www.pwc.co.uk/issues/technology/immersive-technologies/virtual-reality-is-transforming-real-estate-are-you-ready.html
Thampan, A., Razak, A., Abhay, K., Akash, R., & Manu, M. (2023). Evolution of Augmented Reality (AR) and Virtual Reality (VR). International Journal Of Research Publication And Reviews, 4, 4.
The author has made a well thought choice in selecting a research topic. She has carefully
selected an upcoming subject matter, which holds value for the industry and of which the
relevance is increasing, but at the same time isn’t overdone subject.
The blog also provides the reader a good background information of the development and
timeline of the emerging technologies, which reflects a deep research on the topic. Moreover,
the given examples is also elaborated correctly and is giving the reader an accurate idea of the
concept in practice.
However, I had hoped to read more concrete expectations of the future development of the
implementation of emerging technologies in the real estate market other than AR and VR.
For example the potential use of blockchain in the valuation to replace appraisal. Another
example would how to use blockchain in the rental market, to reform the way of renting out
homes efficiently (Corluka & Lindh, 2017).