Brexit doesn’t leave anyone behind, and British real estate market is no exception. Businesses from all industries lost their footing there for a moment. 2018 won’t possibly be any different for that matter with more muted price rises and even some downturns. However, as the conditions of the divorce between UK and EU gain on clarity throughout the year, it will put some spark into the economy.
How VR can help British residential real estate benefit during the market downturn
Take for example the residential real estate. Even though the forecast for the next five years is optimistic, 2018 leaves much to be desired.
Generally, across the UK the prognosis is favourable, though only slightly. JLL predicts just 1% price growth and CBRE is no different, estimating the rise to 1.5% in 2018. But later on, the situation improves considerably. JLL thinks it possible for prices to boost up to 3.5% in 2022, whereas CBRE predicts even 4.7% upturn in 2019, and then a decline to 2.3% in 2021.
Whatever the situation, real estate businesses should look for new solutions to attract customers. Virtual Reality technology is one of them. To demonstrate, Related & Onex implemented VR for The Grand at Sky View Parc in New York to support the sales of the under-construction investment. Thanks to this technology, the NYC-based real estate developer could easily highlight the main USPs of their luxury residency. In this case, the essential USPs included the surroundings of the investment and the views seen from the luxury condos. On such competitive market as New York, the usage of VR technology let SVP to stand out from the competition.
Read more about the SVP’s success
How VR can add some zest to British commercial real estate
When it comes to the commercial real estate market, the situation seems similar. Savills predicts that over the next five years there will be an average rental rise of 1.9% per annum. How to make the most of this?
By way of illustration, Elijah Equities from New York used Virtual Reality for the 520 Warehouse, their Lower East Side investment. This visualisation technology made it possible to personalise the office space presented to the potential buyers and highlight their EVPs. With VR implemented already in pre-construction stage, the clients could go on a virtual guided tour of the development and see how their offices would look like after the last phase of the investment.
Read how you can be even more innovative in real estate market
But why VR?
Times are changing and so are the customers. With the Millenials as the new generation of clients, the old ways of selling and marketing are not enough anymore. Virtual Reality technology, among other things, puts new life into the strategy, both sales and marketing, of the business. It gives many possibilities for real estate businesses to choose from. Why limit yourself to simple plans and visualisations, when you can take your clients on a virtual tour and let them feel the space they want to call their home or office. Does it not sound more appealing?