Dubai Launches Middle East's First Blockchain-Backed Property Tokenisation Platform

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Fractional property ownership arrives in Dubai as Land Department trials blockchain-backed title deeds.

Dubai Land Department launches the MENA region's first tokenized real estate project, with title deeds recorded directly on the XRP Ledger blockchain.
The inaugural tokenized property—a Business Bay apartment valued at AED 2.4 million—sold out within 24 hours, attracting 224 investors from 44 nationalities.
Minimum investment starts at AED 2,000 (approximately USD 544), with rental yields comparable to traditional ownership at 5% to 7%.
The initiative is projected to contribute to an AED 60 billion tokenized real estate market by 2033, representing 7% of Dubai's total property transactions.
Currently limited to UAE Emirates ID holders, with plans to expand access to international investors in future phases.
A second tokenized property sold out in under two minutes, with a waitlist exceeding 10,700 potential investors by June 2025.

The Dubai Land Department (DLD) has officially launched the pilot phase of its Real Estate Tokenization Project, becoming the first real estate registration entity in the Middle East to implement blockchain-based tokenization of property title deeds. The initiative, introduced under the Real Estate Evolution Space (REES) innovation drive, went live on 25 May 2025 through the PRYPCO Mint platform.

The project represents a significant departure from traditional real estate investment models, enabling fractional ownership through digital tokens recorded on both the blockchain and the DLD's official registry. Unlike conventional tokenization approaches that rely on Special Purpose Vehicles (SPVs), Dubai's model records title deeds directly on the blockchain, with each token corresponding to a legally recognised share in a property.

Strong Investor Demand Signals Market Appetite

The first tokenized property—a two-bedroom apartment in Business Bay valued at AED 2.4 million (USD 653,000)—sold out within 24 hours of launch. The offering attracted 224 investors from 44 nationalities, with 70% being first-time entrants into Dubai's real estate market. The average individual investment was AED 10,714 (approximately USD 2,900).

Demand intensified with the second offering. A one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, valued at AED 1.5 million, sold out in one minute and 58 seconds on 11 June 2025, drawing 149 investors from 35 nationalities. The PRYPCO Mint website received 3.6 million visits on launch day, causing temporary site outages. Indian residents constituted the largest investor group, followed by UAE nationals.

Multi-Stakeholder Collaboration Powers the Platform

The initiative brings together several key players in Dubai's digital asset ecosystem. The Virtual Assets Regulatory Authority (VARA) provides licensing and oversight, having signed a formal cooperation agreement with DLD in April 2025 to link the real estate registry with property tokenization. Ctrl Alt serves as the tokenization infrastructure provider, having tokenized over USD 295 million in assets as of May 2025.

PRYPCO, founded by Amira Sajwani (also Managing Director of Sales & Development at DAMAC Properties), operates the platform under VARA broker-dealer licence. Ripple provides digital asset custody technology through its XRP Ledger, while Zand Bank—the UAE's first fully digital bank—serves as the banking partner. On 28 May 2025, the DLD unveiled the world's first Property Token Ownership Certificate, providing legally documented co-ownership rights to token holders.

How the Investment Model Works

Investors can participate with a minimum investment of AED 2,000 (approximately USD 544). All transactions during the pilot phase are conducted exclusively in UAE Dirhams, with no cryptocurrency involved. Rental income is collected and distributed monthly to token holders proportionate to their holdings, with smart contracts automating the process. Platform representatives indicate rental yields range from 5% to 7% depending on location.

Tokenized property investors benefit from reduced fees, paying only 2% in DLD registration fees compared to the industry standard of 4%. The platform is currently available only to UAE Emirates ID holders, regardless of nationality, with plans to expand access to international investors in subsequent phases.

Strategic Alignment with Dubai's Economic Vision

The tokenization project aligns with multiple strategic frameworks, including the Dubai Real Estate Sector Strategy 2033, which aims to double the sector's GDP contribution to approximately AED 73 billion and increase homeownership rates to 33%. The initiative supports the broader Dubai Economic Agenda D33, targeting a doubling of the emirate's economy by 2033.

Marwan Ahmed bin Ghalita, Director-General of the Dubai Land Department, described the project as aligned with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to foster sustainability and solidify Dubai's role as a regional and global leader in real estate innovation.

Regulatory Framework and Future Outlook

The project operates under Dubai's comprehensive virtual assets regulatory regime. VARA published updated rules effective 19 June 2025, explicitly covering Asset-Referenced Virtual Assets (ARVAs) and formally bringing property-backed tokens under regulated oversight. Licensing requirements include minimum capital of AED 1.5 million or 2% of reserve assets, monthly independent audits, and comprehensive disclosure documents.

Challenges remain, including ensuring tokenized ownership is legally enforceable across jurisdictions, clarifying investor protection rights, and establishing clear taxation frameworks. However, with a waitlist exceeding 10,700 potential investors and projected growth to an AED 60 billion market by 2033, Dubai's tokenization pilot has demonstrated substantial appetite for fractional property ownership in the region.