Monday, July 02, 2007

UAE properties much in demand even in virtual real estate sale

According to property websites, the UAE real estate market is booming to such an extent, that the investors are now willing to pay for virtual land in the country.

A website Weblo.com is said to have created a "virtual version" of the world, offering famous addresses for sale. Investors can purchase properties online, including major properties such as Mall of Emirates, Burj Al Arab, and the Emirates Towers for $1,500 (Dh.5,508) each, as they do not mind ever physically visiting their properties. Weblo.com claims to have sold 3,700 cities all around the world for "real" money, and the virtual real estate market is booming as more people are logging onto the internet.

The site is said to have sold many states in the United States for huge amount of money such as Texas for $23,000, New York for $19,350 and California for $53,000.

Weblo.com says investors purchase its "real" estate for many reasons. Some are just eager to own a prestigious piece of land, despite of it being only in a virtual world, or it is just that they have an emotional association with the location.

As claimed by the site, financial rewards could also encourage others in case the visitors to the virtual properties, happen to click on advertisers connected with these locations, or offer to purchase buildings or neighbourhoods in their city.

Various sites in the UAE are already on the offer on Weblo.com. For instance, Abu Dhabi, is a part of the growing real estate empire of a Toronto-based investor. The owner is willing to transfer the ownership of Abu Dhabi for $1000 (Dh.3,675).

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