Thai Real Estate Companies Exploring the Metaverse

July 2022

According to recent articles, Thailand´s real estate companies are expanding into sales of digital property within virtual metaverses, while the country´s Prime Minister has called on agencies to promote tourism via the metaverse.

One example of a real estate company venturing into this area is offered by Property Perfect, which initially looks to host virtual previews of real-world sites in a metaverse by 2024. Its project features the company’s luxury housing near resort areas such as Thailand’s Khao Yai National Park. Customers will virtually tour homes via avatars, while it will be possible to change seasonal landscapes at the touch of a button.

By 2027, Property Perfect intends to sell metaverse-exclusive buildings and plots of ‘land’. The company announced that it will market this to department stores, universities, and even businesses seeking virtual office space for telework.

Another example is provided by real estate company Magnolia Quality Development, which is building a virtual town called Translucia with Thai animation production business T&B Media Global. The buildings will use T&B’s animation skills, while Magnolia sells the digital structures.

Importantly, Thailand prohibits foreigners from buying land, but these laws cover the metaverse. Real estate firms here have an opportunity to expand their customer base beyond a market composed mainly of Thais.

(Source: Nikkei Asia)

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