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DAMAC Properties targets $150m monthly from online sales

DAMAC Properties targets $150m monthly from online sales
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Dubai - Mubasher: DAMAC Properties plans to achieve $150 million in online sales on a monthly basis by mid-2023, Ali Sajwani, General Manager of Operations at DAMAC Properties and CEO of D-Labs, revealed during the recent Dubai Metaverse Assembly.

Sajwani stated that the real estate developer currently generates nearly $100 million in sales on a quarterly basis from online property transactions alone.

The official pointed out that virtual real estate and communities designed in the metaverse world, known as Web3, are driving growth in DAMAC Properties’ online sales, according to a recent press release.

Sajwani said: “When the global [COVID-19] pandemic hit, DAMAC Properties started an online-only channel for sales. We would sell to our customers using Microsoft Teams and Zoom, and these sales are substantial.”

He elaborated: “But as you will appreciate, conversions tend to be low because this is not an immersive experience, so we took the decision to invest in the metaverse, creating digital twins of all our assets and communities to allow our customers to inspect the villas and apartments they wish to purchase virtually.”

As part of its plans to enter the metaverse world, DAMAC Properties' parent company DAMAC Group launched D-Labs with investments totalling $100 million in April 2022 to delve into digital assets and non-fungible tokens (NFTs).

D-Labs aimed to create virtual homes, communities, as well as digital wearables and jewellery from DAMAC-owned brands such as Roberto Cavalli and de GRISOGONO, which the group acquired last May to boost the jeweller’s distribution network and development worldwide.

It is worth noting that Dubai Metaverse assembly was held at the Museum of the Future during 28-29 September 2022. The two-day event gathered 300 regional and international experts from over 40 industry leaders who addressed a number of issues related to real estate and Web3.