Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222885
Title: IMPACT OF VIRTUAL REALITY (VR) ON THE MARKETABILITY OF REAL ESTATE
Authors: TEO JUN FANG
Keywords: Real Estate
Ong Seow Eng
RE
2018-2019 RE
Issue Date: 8-May-2019
Citation: TEO JUN FANG (2019-05-08). IMPACT OF VIRTUAL REALITY (VR) ON THE MARKETABILITY OF REAL ESTATE. ScholarBank@NUS Repository.
Abstract: Since 2016, Singapore’s residential market has experienced a shift in demographics of buyers. Due to a wider pool of overseas buyers, the ongoing problem of discrepancies between actual housing units and showrooms has been amplified. Hence, the emergence of Virtual Reality (VR), which provides a platform for potential buyers to navigate through as if they are viewing the unit itself and its surrounding amenities, has significant implications on the marketability of homes in terms of its transacted price and Time-On-Market (TOM). This study aims to provide a deeper understanding on how the use of two technology tools, mainly v360 and X-Drone, can help to improve the marketability of homes in Singapore based on two indicators: Price and Time-On-Market (TOM). In doing so, two types of models were carried out. Firstly, with sales to list price ratio as the dependent variable, Difference-in-Difference (DID) models are used to analyze the impact of v360 and X-Drone. Secondly, for TOM, as it is a non-negative dependent variable, a parametric Weibull Accelerated Failure Time (AFT) model is also employed to understand how these tools affect the duration of the units on the market. Results indicate that X-Drone has the greatest significant increase of sales to list price ratio by 9.39% and reduction of TOM by 40.0%. Comparatively, v360 has a smaller impact of increase by 7.90% and a lower TOM by 7.46%. A combination of both tools only has a significant reduction in TOM by 17.9% but an insignificant impact on price ratio. These findings have significant policy implications. With Singapore gearing towards a technological-based economy, the use and value of technology tools should be better understood by both agents and government. The government would then be able to formulate better policies and initiatives, promoting the use of such tools, with empirical evidence.
URI: https://scholarbank.nus.edu.sg/handle/10635/222885
Appears in Collections:Bachelor's Theses

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