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Influence of augmented reality and Impact of AR

and VR
virtual reality on real estate on consumer
choice
investment decisions: understand
consumer perspective in Indian
AEC industry Received 4 April 2023
Revised 8 June 2023
17 July 2023
Shumank Deep Accepted 22 August 2023
Department of Operations and IT, Institute of Management Studies Ghaziabad,
Ghaziabad, India
Sushant Vishnoi and Radhika Malhotra
Institute of Management Studies Ghaziabad, Ghaziabad, India
Smriti Mathur
Department of Marketing, Institute of Management Studies Ghaziabad,
Ghaziabad, India
Hrishikesh Yawale
RICS School of the Built Environment, Amity University, Mumbai, India
Amit Kumar
College of Business, Abu Dhabi University, Abu Dhabi, United Arab Emirates, and
Anju Singla
Punjab Engineering College (Deemed to be University), Chandigarh, India

Abstract
Purpose – Augmented Reality (AR) and Virtual Reality (VR) technologies possess the potential to transform
the scenario of making real estate investment decisions through the immersive experience they offer. From the
literature it was observed that the research in this domain is still emergent and there is a need to identify the
latent variables that influence real estate investment decisions. Therefore, by examining the effects of these
technologies on investment decision-making, the purpose of the study is to provide valuable insights into how
AR and VR could be applied to enhance customers’ property buying experiences and assist in their decision-
making process.
Design/methodology/approach – From an extensive review of the literature four latent variables and their
measure were identified, and based on these a survey instrument was developed. The survey was distributed
online and received 300 responses from the respondents including home buyers, developers, AEC
professionals and real estate agents. To validate the latent variables exploratory factor analysis was used
whereas to establish their criticality second-order confirmatory factor analysis was used.
Findings – From the results, the four latent constructs were identified based on standard factor loadings
(SFL) that is Confident Value Perception (CVP, SFL 5 0.70), Innovative Investment Appeal (IIA,
SFL 5 0.60), Trusted Property Transactions (TPT, SFL 5 0.58) and Effortless Property Engagement
(EPE, SFL 5 0.54), that significantly influence investor decision-making and property purchase
experience.
Originality/value – This study contributes to the literature on real estate investment decisions by providing
empirical evidence on the role of AR and VR technologies. The identified key variables provided practical

Engineering, Construction and

Since acceptance of this article, the following author(s) have updated their affiliation(s): Shumank Deep Architectural Management
is at the Department of Civil Engineering, Institute of Technology Delhi, Delhi, India and Smriti Mathur © Emerald Publishing Limited
0969-9988
is at the Christ University, Delhi NCR Campus, India. DOI 10.1108/ECAM-04-2023-0327
ECAM guidelines for developers, investors and policymakers in understanding and leveraging the potential of AR
and VR technologies in the real estate industry.
Keywords Innovative technologies, Augmented reality, Virtual reality, Real investment decisions,
Construction projects
Paper type Research paper

1. Introduction
In recent years integration of Augmented Reality (AR) and Virtual Reality (VR) technologies
into the Architecture, Engineering and Construction (AEC) industry has experienced
significant growth (PwC, 2023). These immersive technologies stand out among others such
as Building Information Modelling (BIM), Geographical Information Systems (GIS) and
Internet of Things (IoT), due to their ability to offer unparalleled visualization and interaction
capabilities (Casini, 2022c). Therefore, it can be argued that AEC industry is changing, but so
too is real estate decision-making because of these immersive technologies’ unparalleled
visualization and interaction capabilities. This is because choices made in the AEC sector,
such as architectural designs, material selections, construction quality and deadline
adherence, directly impact real estate investments through influencing property worth and
demand (Hou and Wu, 2020). AR and VR technologies are becoming more and more
important in these investment decisions by making it possible to simulate properties
in-depth in a realistic manner (Saull et al., 2020). This has led to a projected global AR and VR
market growth in AEC, expected to reach $4.7bn by 2025 (Casini, 2022a, b).
The role of AR and VR technologies extends to influencing real estate investment decisions,
a critical component of the AEC industry. This has also been observed in the studies that focus
on digital transform, technology development and adoption in construction sector between
from 2015 to 2023. Studies, by Adegoke et al. (2022) and Pleyers and Poncin (2020), have
explored the use of VR technologies by real estate firms and their impact on customer
experience and attitudes. However, they only focused on understanding the consumers
perspective towards non immersive VR technologies and real estate advertisement, however,
they did not considered immersive technologies and their influence on real estate decisions.
Chen et al. (2022) conducted an ISM-based analysis of barriers to adopt VR in AEC, but it did
not investigate the influence of these technologies on real estate investment decisions.
Likewise, the work of Miljkovic et al. (2023) on AI/VR-based real estate application
development, focused on the technological aspects rather than investment decisions.
Additionally, the evolving nature of AR and VR technologies and their growing importance
in the AEC industry that comprises of approximately 17% of the global AR and VR market
(Wedel et al., 2020; Xiong et al., 2022). As it has been observed by Dong et al. (2022), Yin and Yu
(2022) and Dong et al. (2023) that digital transformation enhances economic efficiency. An
investigation into their role in shaping real estate investment decisions from the consumer’s
perspective is necessary to increase profitability of the real estate sector. Hence it can be argued
that the studies laid a foundation for understanding the influence of AR and VR on the AEC
industry and real estate. However, there is a limitation in their scope in context of
understanding the implications of these technologies on real estate investment decisions in the
AEC industry clearly demonstrating a research gap. Therefore, this study focuses on exploring
this less investigated area to contribute to the knowledge gap.
Therefore, the study aims to identify and analyse the key constructs (variables)
influencing real estate investment decisions within the AEC industry. By examining the
effects of these technologies on investment decision-making, the purpose of the study is to
provide valuable insights into how AR and VR could be applied to enhance customers’
property buying experiences and assist in their decision-making process. The primary
objective of this study is to investigate how AR and VR technologies affect real estate
investment decisions within the AEC industry. This is accomplished by identifying the key Impact of AR
constructs or variables that are influenced by AR and VR and by investigating the impact of and VR
these variables on the decision-making process of real estate investors which also
underscores the novelty of the research. The primary objective of this study is to investigate
on consumer
how AR and VR technologies affect real estate investment decisions within the AEC choice
industry. This is accomplished by identifying the latent variables that are influenced by AR
and VR by exploring extant literature (2015–2023). And by investigating the subsequent
impact of these variables on the decision-making process of real estate investors. Therefore,
following research questions, addressing the roles, implications and potentials of AR and VR
technologies in the AEC industry would be answered as part of this study.
RQ1. What are the key constructs that influence a consumer’s real estate investment
decisions?
RQ2. What is the influence of identified latent constructs on real estate investment
decisions within the context of Augmented Reality and Virtual Reality
technologies integration in the AEC industry?
The study is divided into six sections. Section 2 will focus on answering the RQ1 by adopting
a systematic approach the latent constructs would be identified. The research approach
would be explained in section 3 and the data will be analysed in section 4. Lastly the
discussion of finding would be presented in section 5 and the contribution of the study would
be defined in section 6. This research intends to provide insights on how AR and VR
technologies influence real estate investment decisions, assisting industry stakeholders in
leveraging these technologies for improved customer experiences and optimized decision-
making processes, thereby fostering market growth.

2. Theoretical background
In current scenario the real estate in undergoing a digital transformation manifested by
technological advancements playing a crucial role in enhancing property investment
attractiveness (Yang and Lam, 2021; Yawised et al., 2022). A recent PwC (2023) report
highlights this, with 56% of real estate professionals acknowledging technology’s influence
on property marketing and sales. The National Association of Realtors (2022) also supported
this trend, showing that online property listings and virtual tours are considered essential by
86% of potential homebuyers. These statistics demonstrate the increasing demand for
technological innovation in property marketing and its influence on customer decision-
making and their level of satisfaction.
Moreover, the change of focus to utilization of augmented reality (AR) and virtual reality
(VR) in the property market, there’s an expanding body of research recognizing the
transformative potential of these technologies. Initially used for design visualization and
project review in the AEC sector (Chen et al., 2022), AR and VR are being implemented by the
real estate industry, particularly in the post the COVID-19 pandemic (Nanda et al., 2021). As
stated by Starr et al. (2021) and Miljkovic et al. (2023) these technologies have reshaped property
investment by enhancing viewing experiences thereby influencing investment decisions.
The literature review (see Table 1) resulted in four key latent constructs - Innovative
Investment Appeal, Confident Value Perception, Effortless Property Engagement and Trusted
Property Transactions – that profoundly impact consumer decisions. Innovative Investment
Appeal accentuates the property’s attractiveness by leveraging unique and exclusive elements
and enabling potential for visualization of modifications (Casini, 2022c). Confident Value
Perception supports informed decisions, contributing to buyer satisfaction and investment
propensity (Brengman et al., 2019). Effortless Property Engagement offers efficient viewing
options, reducing perceived risk and conserving buyers’ time (Adegoke et al., 2022).
 VR technologies
the influence of AR and
studies investigating
Summary of key
Table 1.

ECAM
Relation to AR/VR and
Reference Key findings Real estate investment Supporting constructs Theoretical lens Limitations

Adegoke et al. Dematel method reveals Demonstrates VR’s Innovative Technology Focused only on VR, ignoring AR’s
(2022) key factors driving VR potential in the real estate Investment Appeal acceptance model showing limited understanding of
adoption among real estate market (TAM) the integrated use of AR and VR
firms
Azmi et al. (2022) VR in real estate marketing Highlights VR’s impact on Confident Value Emotion and Cultural bias due to limited
influences homebuyers’ real estate investment Perception Purchase Intention geographical scope
emotions and purchase decision making Theory
intention
Hin David Ho VR technology perspective Educates potential Effortless Property Technology- Limited to educational settings and
and Addae- for real estate education and investors, influencing their Engagement Enhanced Learning may not consider all practical or
Dapaah (2014) practice decision-making process (TEL) commercial aspects of real estate
investments
Hou and Wu AI/VR technologies in real Enhances investment Innovative Technology Focus on app development with
(2020) estate app development decision-making process Investment Appeal, acceptance model limited application towards broader
through advanced Effortless Property (TAM) practical and regulatory challenges
visualization Engagement in AR/VR adoption in real estate
Kempeneer et al. Impact of the COVID-19 Suggests increased role of Innovative COVID-19 and The impact of COVID-19 may not be
(2021) pandemic and digitalization AR/VR in a post-COVID Investment Appeal Digitalization universally applicable in post-
on retail real estate world, affecting Impact Framework pandemic situations or in regions
investment decisions less affected by the pandemic
Miljkovic et al. Non-immersive VR Impacts real estate Confident Value Attitude Formation Only investigates non-immersive
(2023) technologies drive attitudes investment decisions by Perception Theory VR, limited focus on benefits or
toward properties and influencing perceptions issues associated with immersive
service provider VR technologies
Nanda et al. Systematic review of AR/VR as part of digital Effortless Property Technology Generalized focus on digital
(2021) drivers and barriers to disruptions Engagement, Trusted acceptance model disruption may miss nuances
digital disruptive Property (TAM) specific to AR/VR applications in
technologies and online Transactions real estate
platforms
Pleyers and Factors influencing Indirectly, as construction Effortless Property Technology Limited to construction industry,
Poncin (2020) acceptance of immersive trends influence real estate Engagement acceptance model limited contribution to broader real
technology in the investments (TAM) estate market trends and
construction industry stakeholders’ perspectives
Source(s): Authors own work
Trusted Property Transactions emphasize transaction transparency and reliability, Impact of AR
manifesting trust between property and home buyer (Li et al., 2022). These constructs and VR
collectively address evolving consumer preferences, thereby enabling enhanced adaptability of
the real estate sector. Therefore, technology adoption model would be used as a lens to
on consumer
understand these constructs and to identify the underlying factors. In the extant literature the choice
technology acceptance model (TAM) has been frequently employed to understand user
acceptance and adoption of AR/VR technologies, primarily in the real estate and construction
sectors. TAM’s constructs such as perceived usefulness and perceived ease of use have been
used to understand the impact of these technologies on barriers to adoption of AR and VR in
real estate sector. In this study, TAM employed to develop the latent variable that demonstrate
the impact of AR/VR technologies on real estate investment decisions within the AEC industry.
The Technology Acceptance Model (TAM) provides a suitable theoretical lens for
understanding these constructs’ influence on consumer choices (Lu et al., 2015; Lee et al.,
2022). The TAM states that a technology’s perceived usefulness and ease of use to
understand its adoption (Davis, 1989; Venkatesh and Davis, 2000; Maranguni�c and Grani�c,
2015). Perceived usefulness is evident in property potential visualization, informed decision-
making and trustworthiness, while ease of use is demonstrated by simplified viewing
options and decision-making processes and a reduced need for physical showings (Azmi
et al., 2022; Jayaswal and Parida, 2023). The TAM, therefore, facilitates a comprehensive
understanding of how technology adoption affects consumer behaviour in the real estate
market, and substantiates the unique constructs identified in this study (Al-Shboul and
Alsharari, 2019; Allal-Ch�erif, 2022). Table 2 provides an overview of the identified measures
for each latent constructs and are discussed in following sections. From the understanding of
the real estate’s digital transformation, with a focus on Augmented Reality (AR) and Virtual
Reality (VR). It was identified that the real estate investment decisions are primary choice of
the consumer or represent consumer choice (Yin and Yu, 2022). Thus, it can be stated that the
AR and VR technologies are helpful in influencing consumer engagement strategies which
are represented by the concept of perceived usefulness and ease of use form the TAM point of
view. Therefore, it is crucial to analyse the influence of innovative investment appeal,
confident value perception, effortless property engagement and trusted property
transactions on the consumer choice. Based on this conceptualisation the conceptual
model derived from the literature is shown in Figure 1.

2.1 Innovation investment appeal (IIA)

In the real estate sector to beat the competition it is necessary for the developers and real
estate agents to adopt innovative strategies (Adegoke et al., 2022). One such strategy
involves using technology for the sale of properties which offers a platform for developers to
exhibit their commitment to innovation and emerging technology (Adegoriola et al., 2021).
For instance, AR and VR technologies can be used to create 3D property tours, enabling
potential investors to virtually inspect the property from the comfort of their own home. This
immersive experience provides detailed understanding of the property’s layout and
architectural design, increasing the overall investment appeal (Miljkovic et al., 2023).
In addition, AR technology can be used to demonstrate potential renovations that the
buyer requires to me made on the existing provide. This would enhance the perception of the
buyer/consumer to invest in the property which is aided by complete visualisation (Casini,
2022a). This experience make the property unique, influencing the perceived usefulness of
the property to the consumer (Brengman et al., 2019).

2.2 Confident value perception (CVP)

In the real estate sector consumer generally want an assurance that their investments would
provide sustainable returns in the future (Chen et al., 2022). In this context, AR and VR
ECAM Latent variable Measures References

Innovative • Inspiring consideration of previously overlooked Al-Shboul and Alsharari

investment properties (2019), Brengman et al.
appeal (IIA) • Developer commitment to innovation and technology (2019), Adegoriola et al.
demonstration (2021), Adegoke et al.
• Newer and more exciting property feel (2022), Allal-Ch�erif (2022),
• Time, effort and cost-saving in physical viewings Azmi et al. (2022)
• Sense of thrill and excitement
• Joyful and exciting viewing experience
• Customer involvement in the decision-making process
• Make the property feel more exclusive and unique
• Help customers identify differentiators and unique
features of the property
• Help customers understand spatial layout and flow
• Highlight the property’s unique features and
differentiators
• Enhance the property’s perceived quality, features
and amenities
• Help customers visualize potential renovations and
designs
Customer value • Future potential of the property envisioning Hin David Ho and Addae-
perception (CVP) • More professional and cutting-edge property feel Dapaah (2014), Dashti and
• Facilitating informed and confident purchase Viljevac-Vasquez (2020),
decisions Delgado et al. (2020), Hou
• Customer satisfaction with the viewing experience and Wu (2020), Chen et al.
• Perceived value increase (2022), Cuomo et al. (2022),
• Provide a level of detail and information Jayaswal and Parida (2023)
• Provide a level of innovation and technology appeal
• Simplify the decision-making process
• Support the decision-making process with immersive
experiences
Effortless • Cost-effective and convenient viewing options Lu et al. (2015), Lam and
property • Perceived risk reduction Yang (2020), Kempeneer
engagement • Identification of overlooked property features et al. (2021), Nanda et al.
(EPE) • Save time, effort and costs associated with physical (2021), Lee et al. (2022), Li
viewings et al. (2022), Miljkovic et al.
• Provide a more interactive and engaging experience (2023)
• Reduce the perceived risk of purchasing a property
Trusted • Transparency and trustworthiness of the property Pleyers and Poncin (2020),
property • Memorable viewing experience Saull et al. (2020),
transactions • Visualization of oneself in the property Ozturkcan (2020), Qin et al.
(TPT) • Increase customer engagement and confidence (2021), Starr et al. (2021),
• Help customers feel more connected to the property Okoro et al. (2022), Rana
and community et al. (2022), Sharma et al.
• Provide a sense of exclusivity and uniqueness (2022), Sun et al. (2022)
• Help customers feel more confident in making an offer
• Reduce the need for physical showings, saving time
and effort
• Increase the likelihood of a purchase decision
• Create a more enjoyable and exciting viewing
experience
• Inspire customers to consider properties they may not
Table 2.
Measures identified have considered otherwise
from the literature for • Demonstrate the developer’s commitment to
various latent innovation and technology
constructs Source(s): Authors own work
 Impact of AR
and VR
on consumer
choice

Figure 1.
Conceptual framework

technologies can enhance this confidence by providing a detailed and immersive

presentation of the property’s future potential. For example, VR can be used to simulate
the property in different seasons, times of day and potential future development in the
surrounding area, demonstrating how the value of property would increase over the time
(Lee et al., 2022). This would further influence the perceived usefulness of the property.
Furthermore, AR can be used to overlay data such as property value trends,
neighbourhood statistics or local amenities to create a live property demonstration (Dashti
and Viljevac-Vasquez, 2020). This would influence the decision-making process by
providing an immersive experience increasing the perceived value of the property (Okoro
et al., 2022). Ultimately, the integration of these technologies strengthens customer trust and
solidifies the developer’s reputation within the real estate sector. Furthermore, it enhances
the overall perceived usefulness in the mind of consumers by enhancing their trust.

2.3 Effortless property engagement (EPE)

The use of AR and VR in the real estate industry, especially in the post Covid-19 pandemic
scenario, has transformed property transactions due to use of technologies, for example
holograms, VR screening etc (Miljkovic et al., 2023). These technologies offer benefits to both
buyers and sellers by providing cost-effective and convenient viewing options, reducing
time, effort and expenses associated with traditional physical inspections (Pleyers and
Poncin, 2020). The interactive and engaging experiences created by AR and influence
decision-making process by demonstrating an ability to mitigate the perceived risk of
property purchase (Sharma et al., 2022). They also increase the understanding of the potential
buyers/investors and make them recognise the full potential of a property (Qin et al., 2021).
As the real estate sector continues to evolve, AR, VR and big data would play a crucial role in
shaping the future of property transactions (Tan et al., 2021). Thereby enhancing the
perceived ease of use of these technologies in the real estate market.
ECAM 2.4 Trusted property transactions (TPT)
Trust and transparency are essential in real estate transactions, as they involve high level of
risks both for buyer and seller (Starr et al., 2021; Sun et al., 2022). The use of technologies
including AR and VR, big data, AI and automated dispute resolution technologies, enhance
customer confidence by improving access to information and customer service (Delgado
et al., 2020; Azmi et al., 2022). AR and VR technologies can offer immersive viewing
experiences that help customers visualize their future homes, fostering their engagement and
confidence on the property (Hou and Wu, 2020; Jayaswal and Parida, 2023).
These technologies encourage customers to consider properties they might not have
previously inspected, demonstrating the developer’s commitment to innovation (Lu et al.,
2015). Furthermore, the integration of the latest “Big 9” technologies, which include mobile,
social media, cloud, big data/analytics, AI, IoT, cybersecurity, digital currencies and
blockchain (Nanda et al., 2021), empowers consumers to make informed decisions (Okoro
et al., 2022). The real estate industry’s adoption of innovative platforms and solutions will
enhance the demand for community living, affordability and flexibility (Saull et al., 2020; Qin
et al., 2021; Rana et al., 2022). Thereby facilitating trusted property transactions by
enhancing overall perceived ease use.

3. Research methodology
The accomplish the aim of this study 4 latent constructs along with their measures were
identified from the literature. And survey questionnaire was developed to establish the
validity of these. The survey was administered online using Google forms. The target
participants for this study were individuals involved in the real estate investment process,
including potential home buyers, real estate agents, property developers and professionals
from the AEC industry as they are key stakeholders. These participants provided valuable
insights into the role of AR and VR technologies in influencing real estate investment
decisions and enhancing overall experience and engagement for the consumer. This group of
respondents were chosen as they are either going to purchase property or are the one who
frequently deal with individual purchasing the property. The questionnaire utilized a Likert
scale, ranging from 1 (not important) to 5 (extremely important), to obtain in-depth responses
from the participants.
The study’s sample size was established using G-Power software calculations to
guarantee validity and reduce the likelihood of sampling bias (Faul et al., 2009), using a
significance level of 0.05 and confidence interval of 0.95 with an error margin of 0.05. from
this calculation it was found that a minimum of 200 responses were required for the study.
The study was performed in India because of its rapid urbanization, economic growth and
increasing demand for real estate properties. India’s large population and the growing
interest in the use of innovative technologies, such as AR and VR, also makes it suitable to
explore the impact of these technologies on real estate investment decisions. In the
subsequent sections the result of the study derived from the exploratory factor analysis
(EFA) and second order confirmatory factor analysis (SCFA) would be presented the similar
approach has been used by (Deep et al., 2022a, b) and Shrivastava and Shukla (2021).

4. Data analysis and results

4.1 Reliability and validity of the constructs
The pilot study consisted of 35 participants, predominantly within the 25–54 age range, with
18 males and 17 females. Participants’ professions spanned the spectrum of the real estate
sector, with a diverse set of experiences. Approximately 15 participants had utilized AR or
VR technology, and about 27 participants possessed a bachelor’s degree or higher. A major
limitation in this phase was that the respondents dint provided feedback instead they just Impact of AR
responded. Therefore, Cronbach alpha (CA) was chosen as a measure to assess reliability, the and VR
value obtained at this stage was 0.89, which indicated that further refinement of the
questionnaire was not required. The online survey received 300 responses out of which 261
on consumer
were deemed fit for the study. The respondents’ demographic profile is presented in Table 3. choice
Most of the respondent were between 25–44 years, making up 62.8% of respondents. Men
represented 55.6% of the sample, while women accounted for the remaining 44.4%. Amongst
the respondent’s home buyers constituting the largest group at 40.2%. Experience in real
estate varied significantly; however, a majority (37.5%) had 1–5 years of experience.
Regarding AR/VR usage, a slight majority (54%) had utilized these technologies showing
that people are yet learning about these. Most respondents hold a bachelor’s degree (49%),
and the remainder possessed various educational backgrounds, from 10th/10 þ 2 to
Doctorate.
To determine the validity of the survey questionnaire measures, the researchers used CA
and Composite Reliability metrics, as suggested by Joseph et al. (2019). The analysis results
indicated that both metrics exceeded the recommended benchmark levels of 0.6 and 0.8,
demonstrating exceptional internal consistency and reliability, as supported by Hair et al.
(2016). The convergent validity of the model was also evaluated through the computation of
Average Variance Extracted and the indicator cross-loading, as per Hair et al. (2012). The
findings showed that the AVE values were greater than 0.5, indicating strong convergent
validity. Finally, the discriminant validity of the model was assessed using the Fornell-
Larker criterion, as illustrated in Table 4.

Demographic questions Category Frequency Percentage (%)

Age 18–24 35 13.4

25–34 78 29.9
35–44 86 32.9
45–54 44 16.9
55–64 15 5.7
65þ 3 1.1
Gender Male 145 55.6
Female 116 44.4
Occupation Home buyer 105 40.2
Real estate agent 61 23.4
Property developer 33 12.6
AEC professional 39 14.9
Other 23 8.8
Experience in real estate Less than 1 year 42 16.1
1–5 years 98 37.5
6–10 years 60 23
11–15 years 36 13.8
16–20 years 15 5.7
More than 20 years 10 3.8
Have you used AR or VR? Yes 141 54
No 120 46
Highest level of education 10th/10 þ 2 31 11.9
Diploma 46 17.6
Bachelor’s degree 128 49
Master’s degree 47 18 Table 3.
Doctorate 6 2.3 Demographic profile of
Source(s): Authors own work the respondents
ECAM Cronbach alpha Composite reliability A.V. E IIA CVP EPE TPT

IIA 0.899 0.878 0.784 0.885

CVP 0.776 0.812 0.791 0.723 0.808
EPE 0.852 0.835 0.779 0.752 0.632 0.729
TPT 0.831 0.885 0.718 0.699 0.765 0.688 0.767
KMO and Bartlett’s test
Kaiser-Meyer-Olkin measure of sampling adequacy 0.827
Bartlett’s test of Sphericity 1259.021
Table 4. 153.000
Results of reliability 0.000
and validity Source(s): Authors own work

4.2 Exploratory factor analysis (construct validity)

Exploratory Factor Analysis (EFA) with Principal Component Analysis (PCA) and varimax
rotation was employer to validate the latent variables that influence analytical project
governance. The analysis was performed on SPSS software (Pallant, 2020). The Kaiser-
Meyer-Olkin (KMO) measure (0.827) and Bartlett’s test of sphericity (1259.02, significance
level of 0.000) ensured sample’s adequacy (see Table 4). PCA found four components with
initial eigen values above 1. The first had the greatest variance (18.380%) and an eigenvalue
of 4.852. The second, third and fourth components had eigenvalues of 1.913, 1.646 and 1.280
respectively, explaining 15.050%, 14.246% and 12.502% of the variance. The total variance
was 53.838%. EFA factor loadings, as shown in Table 5, showed that 19 factors grouped
under four components with strong inter-factor relationships. Component one consisted of
Innovative Investment Appeal (loadings between 0.767 and 0.537), the second component
grouped customer value perception (loadings from 0.771 to 0.647), the third involved effort
less property engagement (loadings from 0.782 to 0.649) and the fourth component included
trusted party transaction (loadings from 0.780 to 0.729). These results confirmed the validity

Component
Factors 1 2 3 4

Inspiring consideration of previously overlooked properties 0.767

Developer commitment to innovation and technology demonstration 0.725
Newer and more exciting property feel 0.703
Time, effort and cost-saving in physical viewings 0.673
Sense of thrill and excitement 0.620
Joyful and exciting viewing experience 0.592
Customer involvement in the decision-making process 0.537
Future potential of the property envisioning 0.771
More professional and cutting-edge property feel 0.722
Facilitating informed and confident purchase decisions 0.666
Customer satisfaction with the viewing experience 0.653
Perceived value increase 0.647
Cost-effective and convenient viewing options 0.782
Perceived risk reduction 0.769
Identification of overlooked property features 0.649
Transparency and trustworthiness of the property 0.780
Table 5. Memorable viewing experience 0.742
Results of exploratory Visualization of oneself in the property 0.729
factor analysis Source(s): Authors own work
of latent constructs from the literature. A major limitation that was observed from this part of Impact of AR
analysis was that only 18 factors loaded out of 40 which reflects that the implementation of and VR
AR and VR is yet in its nascent stage as respondent have limited knowledge of these modes.
Another reason, factors were excluded due to low factor loadings, that is below 0.5, indicating
on consumer
they did not strongly correlate with identified key components influencing real estate choice
investment decisions using AR and VR technologies.

4.3 Second order confirmatory factor analysis

The use of second-order confirmatory factor analysis (SCFA) in the study was motivated by the
need to go beyond the limitations of traditional factor analysis (Hair et al., 2016). SCFA allowed
for the testing of multiple latent variables simultaneously and provided a deeper
understanding of the relationships between them (Hair et al., 2012, 2016). The results of the
SCFA comprehensively evaluate of the relationships between the different factors and
establish the validity of the model by assessing it model fit (Hair et al., 2012). Therefore, this tool
validates the variables and provided a more nuanced and thorough understanding of the
underlying construct by showing their importance based on their standard factor loading (SFL)
(Hair et al., 2012). By using SCFA, the conceptual model was evaluated (see Figure 2), further
validating its reliability and validity. The model fit information is provided in Table 6.

5. Discussion
Aligning with the principles of the Technology Acceptance Model (TAM), this research
highlights the important role Augmented Reality (AR) and Virtual Reality (VR) in
influencing the real estate investment decisions. As defined by TAM, technology’s perceived
usefulness (PU) and perceived ease of use (PEU) are important in driving user acceptance and
intention to use the technology (Davis, 1989). The construct of Confident Value Perception
(CVP) (SFL 5 0.703) aligns with the element of perceived usefulness demonstrating the way
AR and VR can help consumer’s in making their real estate investment decisions. Therefore
such, technologies increase the buyer’s confidence in the projected value of properties,
thereby influencing their investment decisions. Further, Innovative Investment Appeal (IIA)
(SFL 5 0.604), also demonstrates perceived usefulness by highlighting that AR and VR
technologies stimulate interest in previously overlooked properties, thereby expanding
investment considerations.
On the other hand, the constructs of Trusted Property Transactions (TPT) (SFL 5 0.584)
and Effortless Property Engagement (EPE) (SFL 5 0.539) directly correspond with PEU. They
suggest that AR and VR technologies simplify and streamline property transactions and
viewing processes, which in turn enhances the buyer trust. This finding confirms Allal-Ch�erif
(2022) that perceived ease of use influences trust and increases buyer’s confidence. Therefore, it
can be stated that by using AR and VR technologies, real estate professionals could foster trust
among potential buyers and streamline the property inspection process. This, in turn, could
result in improved investment decisions, thus facilitating dynamic and innovative real estate
market. A discussion on latent constructs have been provided in the sections below.

5.1 Confident value perception

The increasing use of AR and VR technologies within the real estate industry has
significantly influenced customer experiences and investment behaviours by enhancing
their confidence in the value of property CVP (Azmi et al., 2022). As it allows potential buyers
to gain an immersive experience of the property facilitated by interactive, virtual
representation of a property, these technologies enrich customer experience (SFL 5 0.79)
and create a more insightful understanding of property attributes such as layout, size and design
ECAM

Figure 2.
Results of second order
confirmatory factor
analysis

(Hin David Ho and Addae-Dapaah, 2014; Hou and Wu, 2020). This increased understanding
builds confidence of the consumer that significantly influences purchase decisions.
AR and VR further contribute to the perceived value of the property by providing an
advanced, professional perspective (SFL 5 0.71), by enhancing the property’s visual appeal
(Azmi et al., 2022; Li et al., 2022). This in turn enhances customer satisfaction and fosters a
positive affiliation with the property as the buyer get of feel influencing their psychological
acceptability of the property (Nanda et al., 2021; Miljkovic et al., 2023). Additionally, the
capability of AR and VR to simulate future potential modifications, (SFL 5 0.69), offers Impact of AR
buyers an avenue to experience how the property could be tailored to fit their personal and VR
preferences (Pleyers and Poncin, 2020). This perspective expands the perceived potential
value of the property (Saull et al., 2020).
on consumer
Lastly, by facilitating an immersive and emotionally engaging viewing experience choice
(SFL 5 0.52), AR and VR catalyse the perceived value of the property (Starr et al., 2021). As it
enables the consumer to develop emotional bond with the property, nurtured through AR
and VR technologies. Also, it increases property’s attractiveness to potential buyers, and
enhances the probability of successful sale by psychologically influence the PU of the
property. Therefore, the use of AR and VR enhances the PU of the property creating a robust
value perception amongst potential real estate investors/home buyers.

5.2 Innovative investment appeal

Influencing investment decision-making in real estate, AR and VR have emerged as
impactful technologies demonstrating innovative appeal towards property purchase (Hou
and Wu, 2020). The innovative investment appeal is a key aspect of perceived usefulness that
lies AR and VR’s ability to influence a reconsideration of previously overlooked properties
(SFL 5 0.69). Therefore, by providing immersive and interactive visualizations that enhance
the understanding of potential property value (Rana et al., 2022).
Moreover, developers understanding the value of technology, have demonstrated a
commitment to AR and VR innovations (SFL 5 0.65). The use of these technologies for
property showcasing not only increases investor confidence but also make it competitive in
market (Ullah et al., 2018; Pleyers and Poncin, 2020). The immersive, interactive experiences
offered by AR and VR engage investors more deeply (SFL 5 0.58), enabling informed
decisions (Okoro et al., 2022). Additionally, AR and VR allow developers to develop novel and
appealing property aesthetics (SFL 5 0.51). Furthermore, it also enhances perceived
usefulness by offering tailored experiences for investors, and as a result, increasing the
property value (Starr et al., 2021).

5.3 Trusted property transactions

AR and VR technologies enhance the perceived ease of use in real estate transactions that
essential for investment decisions in real estate projects (Nanda et al., 2021). Their immersive
capabilities provide a seamless experience, significantly aiding investors in decision-making
processes (Saull et al., 2020). Investors, when they can visualise themselves in the property
(SFL 5 0.76) they are planning invest to via AR and VR. AR and VR acquire an understanding
of layouts and potential modifications (Sharma et al., 2022; Sun et al., 2022). This enhanced
interactivity increases the investors’ confidence and precision in investment decisions.

Model fit Indices Estimate Threshold Interpretation

Chi-square/df 1.048 <3.0 Excellent

GFI 0.961 >0.90 Excellent
AGFI 0.944 >0.90 Excellent
NFI 0.909 >0.90 Excellent
TLI 0.994 >0.90 Excellent
CFI 0.995 >0.90 Excellent
RMSEA 0.014 <0.08 Excellent Table 6.
RMR 0.041 <0.09 Excellent Model fit indices
Source(s): Results of SPSS-AMOS; Authors own work achieved
ECAM Furthermore, memorable viewing experiences (SFL 5 0.58) facilitated by AR and VR help
investors in distinguishing among properties, ultimately leading to informed decisions
(Pleyers and Poncin, 2020; Miljkovic et al., 2023). Additionally, AR and VR increase perceived
transparency (SFL 5 0.57) by offering comprehensive property views, enabling investors to
identify potential issues, this enhances trustworthiness of the property transactions (Nanda
et al., 2021; Li et al., 2022). Consequently, AR and VR, with their immersive, memorable and
transparent features, influence real estate investment decisions, reinforcing the PEU
component of the Technology Acceptance Model.

5.4 Effortless property engagement

The introduction of AR and VR technologies to the real estate sector enhanced the perceived
ease of use contributing significantly to investment decisions (Miljkovic et al., 2023). Key
among these contributions is the facilitation of effortless property engagement allowing
investors the capability to explore multiple properties in a cost effective and time saving
manner (Kempeneer et al., 2021; Nanda et al., 2021).Furthermore, AR and VR also mitigate
perceived investment risk (SFL 5 0.62). These technologies allow investors to virtually
inspect and visualize properties under different conditions (Adegoke et al., 2022), and
consider potential modifications (Azmi et al., 2022), thereby reducing uncertainty and
informed decision-making (Pleyers and Poncin, 2020; Saull et al., 2020).
Moreover, AR and VR help in understanding overlooked property attributes (SFL 5 0.51).
AR-driven furniture placement previews and VR’s comprehensive views allow investors to
identify previously unnoticed property aspects (Ullah et al., 2018), potentially influencing
their decisions (Starr et al., 2021). Consequently, the application of AR and VR in the real
estate sector contributes substantially to the perceived ease of use facilitating informed,
confident investment decisions through comprehensive, effortless property exploration.

5.5 Influence of AR and VR on real estate investment decision

This study advances understanding of Augmented Reality (AR) and Virtual Reality (VR)
technologies’ role in real estate investment decisions, focusing on Confident Value Perception
(CVP), Innovative Investment Appeal (IIA), Trusted Property Transactions (TPT), and Effortless
Property Engagement (EPE). CVP findings enhances the observations of Qin et al. (2021) and
Pleyers and Poncin (2020), by highlighting the confidence-boosting role of immersive technologies.
Furthermore, IIA construct adds to the work of Okoro et al. (2022), illustrating AR and
VR’s innovative potential. By targeting real estate, this study highlights how these
technologies stimulate reconsideration of previously overlooked properties and enhance
property value understanding thereby adding to the observation of Hin David Ho and
Addae-Dapaah (2014). The study’s exploration of TPT and EPE constructs further enhances
discourse, showing how AR and VR’s immersive capabilities facilitate decision-making
processes and allow effortless exploration of multiple properties, reducing perceived
investment risk thus empirically validating the observations from Ullah et al. (2018) and
Nanda et al. (2021). Therefore, this research enriches existing knowledge, detailing AR and
VR technologies’ impact on real estate investment decisions.

6. Contribution of this study

The present study significantly contributes to the body of knowledge in the domain of real
estate investment decision-making, by incorporating the lens of the TAM to understand the
influence of AR and VR technologies. While past research has examined various elements
influencing investment decisions, the role of AR and VR technologies remains largely
unexplored. This work addresses this research gap by identifying key latent constructs, for
Impact of AR
and VR
on consumer
choice
Figure 3.
Buyers/investors,
professionals, real
estate agents and
developers
ECAM example Confident Value Perception (CVP), Innovative Investment Appeal (IIA), Trusted
Property Transactions (TPT) and Effortless Property Engagement (EPE). The knowledge
derived under the TAM’s direction adds significant clarity to the understanding the
influence of these transformational technologies on investment decisions.
The practical recommendations arising from this study propose robust strategies for real
estate developers and professionals to harness the potentials of AR and VR. For example, CVP
manifest the use of these technologies to create immersive property viewing experiences,
enhancing the perceived value and buyer confidence. The IIA dimension recommends using
AR and VR to highlight overlooked properties, thus emphasizing their uniqueness. In terms of
TPT, these technologies can provide detailed property views, ensuring transparency and
fostering trust in the transaction process. Lastly, the EPE principle implies that AR and VR can
offer cost-effective and convenient viewing options, reducing perceived risk and enabling a
thorough inspection of property features. Implementing these strategies have potential to
enhance buyer satisfaction, increase property sales and ensure competitive advantage in a
dynamic real estate market. Figure 3 illustrates practical guidelines focused on four latent
variables—Confident Value Perception (CVP), Innovative Investment Appeal (IIA), Trusted
Property Transactions (TPT) and Effortless Property Engagement (EPE)—for four key
stakeholders in real estate: buyers/investors, professionals, real estate agents and developers.
The figure serves (see Figure 3) as a decision-making tool, highlighting how each stakeholder
can harness the potential of Augmented Reality (AR) and Virtual Reality (VR) in real estate.

7. Conclusion
Grounded in the technology acceptance model, the study provides novel insights into the
pivotal role of AR and VR technologies in shaping real estate investment decisions. Using
SCFA it was established Confident Value Perception (CVP, SFL 5 0.70), Innovative
Investment Appeal (IIA, SFL 5 0.60), Trusted Property Transactions (TPT, SFL 5 0.58) and
Effortless Property Engagement (EPE, SFL 5 0.54) are the four main latent construction that
influence real estate investment decisions. Furthermore, findings also establish the potential
of AR and VR as transformative tools in property investment.

7.1 Limitation and directions for future research

The primary limitation of the study was its limited geographical scope, for example Indian
AEC industry and might limit the generalisations of the results. Additionally, being an
empirical study, the major limitation of this research is qualitative validation, which can also be
a direction of future research. Future research should build on these findings, diversify its
participant pool and deploy varied data collection methods to offer a comprehensive
understanding of AR and VR’s impact in varied cultural and economic settings. The
exploration of individual risk tolerance and previous AR and VR experiences would further
add depth to the analysis. Consequently, the research contributes to the body of knowledge, by
helping real estate investors and developers in the adoption of these innovative technologies.

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Corresponding author
Shumank Deep can be contacted at: shumank2012@[Link]