Dubai Launches First Tokenized Real Estate Platform
Dubai, one of the leading cities of the United Arab Emirates, took a new step in the real estate sector and announced its first tokenized real estate platform.
Launched by the Dubai Land Department (DLD), the initiative comes as part of a government-backed program that aims to digitize approximately $16 billion worth of real estate assets by 2033.
The platform, called “Prypco Mint,” was developed in collaboration with real estate fintech firm Prypco. The platform offers investors fractional ownership of Dubai real estate for as little as 2,000 dirhams (about $540). Currently, only Emirati ID card holders can invest in dirhams, but the plan is to open up global access and integrate with other platforms in the future.
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The technological infrastructure of the project is provided by tokenization specialist Ctrl Alt. Ctrl Alt has established a synchronized structure with the state’s official registration systems by transferring real estate title deeds directly to the XRP Ledger blockchain network. Thus, title deeds are kept simultaneously in both traditional registration systems and on the blockchain.
In the project, where Zand Digital Bank is the banking partner, regulatory support is provided by the Central Bank of the UAE, the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation’s “Real Estate Sandbox” programme.
DLD predicts that real estate transactions through tokenization could reach 7% of the total market, or approximately $16 billion, by 2033.
*This is not investment advice.