VIRTUAL REALITY AS A TREND IN REAL PROPERTY INVESTMENTS: A CASE STUDY OF KENYAN ONLINE GAMERS’ TRANSACTIONS

Mwirigi Pamela Mukiri and Mwai Tilda Njeri

AfRES from African Real Estate Society (AfRES)

Abstract: Real estate is the physical land and anything attached or fixed to land including manmade features attached to land, below and above ground. Virtual Reality refers to spaces that are created in a digital form that human beings can access using complex computer equipment. Virtual reality uses immersion where the user is immersed in an imagined world. It stimulates presence and creates an atmosphere that is similar to the real world.This study conducted was an exploratory study. Questionnaires were administered to online gamers and interviews conducted.This paper seeks to investigate and justify the inclusion of virtual property as real property to allow the rights and ownership of these properties to be transacted by real estate professionals. It presents investment into virtual real estate as an alternative investment tool in real estate. It seeks to show ways to invest in these properties and their economic contributions. The study found out that virtual real estate transactions in Kenya were very few only at 15%. However, if not well regulated then the rising investments in this field will create insurmountable challenges within the industry that tend to have ripple effects if unattended such as bubbles that have great impacts on general economies.

Keywords: Investments; virtual real estate; Virtual Reality (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017-09-01
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