Dubai has launched the first licensed tokenized real estate project in the Middle East and North Africa (MENA). This signals the growing interest in using blockchain to modernize real estate investments.
The project is a collaboration between the Dubai Land Department (DLD), the Central Bank of the UAE, and the Dubai Future Foundation. It will run on a new platform called “Prypco Mint,” with Zand Digital Bank supporting the pilot phase.
On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) updated its regulations to officially allow the tokenization of real-world assets (RWAs), including real estate. These tokenized assets can now be traded on secondary markets.
This new initiative allows individuals to invest in ready-to-own properties in Dubai, starting from just AED 2,000 (around $545). Currently, only UAE ID holders can participate, but there are plans to expand access internationally.
In April, DLD and VARA agreed to link Dubai’s official real estate records with blockchain-based tokenization. The goal is to attract international investors and increase liquidity in the property market. The project was first announced in March.
Dubai and the broader UAE continue to position themselves as global leaders in digital assets. In May, Dubai partnered with Crypto.com to enable crypto payments for some government services.
Real Estate Tokenization Market Set to Grow
Real estate is one of the most promising areas for real-world asset tokenization. It helps make traditionally illiquid assets easier to trade and more accessible to everyday investors.
According to research by Custom Market Insights, the global real estate tokenization market could reach $19.4 billion by 2033, with an average annual growth rate of 21%. All sectors — residential, commercial, and industrial — are expected to contribute to this growth.
Companies like RealT and Metlabs are already working in this space, although many face challenges due to complex regulations.
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