The VR experience and purchase intentions in the real state

Abstract

The real estate sector is adopting cutting-edge solutions that provide better consumer experiences and facilitate transactions. One of the latest technologies to emerge is virtual reality (VR). This technology has the potential to completely change the way consumers interact, purchase, and sell real estate. Although there is a great deal of interest in VR, few studies have been conducted to understand how it impacts real estate companies and consumers. This study seeks to address this opportunity by suggesting a model that examines the impact of virtual reality on real estate consumers’ purchase intentions concerning constructs such as playfulness, informativeness, perceived risk, and purchase intentions. A quantitative approach in which 200 responses were collected from a questionnaire conducted after a virtual reality experience. The data and hypotheses were analyzed and interpreted using the Partial Least Squares Structural Modelling (PLS-SEM) approach. Findings suggest that playfulness and informativeness have a positive impact on improving real estate purchase intentions and that perceived risk is negatively associated with real estate purchase intentions. The results further identify a positive, significant, and direct impact of playfulness on informativeness. Playfulness also influences purchase intentions, but this relationship is mediated by informativeness. However, the relationship between playfulness and purchase intention is not mediated by perceived risk, according to the results.