Dubai Opens Secondary Market for Tokenised Property on 20 February

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Dubai opens a secondary market for property tokens on Feb 20 — 7.8M fractional real estate assets now tradeable. Here's what it means.

Dubai Land Department launches Phase II of its Real Estate Tokenisation Project, activating secondary market trading from 20 February 2026.
Approximately 7.8 million fractional property tokens linked to DLD-registered title deeds become eligible for secondary resale.
All trading occurs within a controlled pilot framework jointly overseen by DLD and the Virtual Assets Regulatory Authority (VARA).
PRYPCO Mint and Ctrl Alt are the two authorised trading platforms, with all transactions denominated in UAE dirhams (AED) - not cryptocurrency.
Initial access is limited to UAE residents with a valid Emirates ID, with minimum entry investment starting around AED 2,000.
Future phases may expand platforms, asset classes, and cross-border investor eligibility, subject to Phase II data and regulatory approval.

DLD and VARA Set the Stage for Dubai's Property Token Secondary Market

Dubai's Real Estate Tokenisation Project brings together two distinct regulatory authorities: the Dubai Land Department (DLD), which governs all property registration in the emirate, and the Virtual Assets Regulatory Authority (VARA), which licenses and supervises digital asset activity. Their combined oversight gives the project a dual-authority foundation that is central to its credibility. Phase II of this initiative marks the first time a government land registry has activated structured, at-scale secondary trading of tokenised property under a comprehensive regulatory model.

What distinguishes Dubai's approach from other fractional property ownership experiments is the direct link between each token and a DLD-registered title deed. Rather than relying on a special purpose vehicle (SPV) or indirect ownership structure - common in tokenisation pilots elsewhere - each token in this framework carries a legally recognised connection to the underlying real estate record. PRYPCO Mint, the primary authorised marketplace, launches its in-app secondary trading venue on 20 February as part of this regulated rollout.

What Phase II Activates

On 9 February 2026, DLD announced the formal activation of secondary market resale of tokenised property interests, effective 20 February. The department described the move as a transition from pilot phase into a more advanced operational stage under a regulated model. According to the DLD announcement on dubailand.gov.ae, the shift is structured to enhance market readiness for a technology-driven future.

Approximately 7.8 million real estate tokens - each representing a fractional share in a DLD-registered property - become eligible for secondary resale within the controlled pilot framework. DLD states the framework is designed to assess market efficiency, test operational readiness, enhance transparency and governance, and protect investor rights throughout the process.

How the Secondary Market Operates

Secondary trading takes place exclusively through VARA-licensed platforms. PRYPCO Mint and Ctrl Alt are the two authorised venues, operating under conditions agreed with DLD and VARA. Strict know-your-customer (KYC) and compliance processes apply, consistent with UAE requirements for both real estate and virtual asset activity.

All transactions are denominated in UAE dirhams (AED), not cryptocurrencies. This structure avoids direct exposure to crypto price volatility and the anti-money-laundering concerns associated with unregulated token markets. Platforms integrate with banking channels and payment providers, enabling fiat-based funding and redemption. Meanwhile, the token ledger tracks fractional ownership and records every transfer against the DLD title-deed registry.

PRYPCO Mint - described by its operators as MENA's first regulated real estate tokenisation platform to launch a secondary marketplace - will activate its in-app trading venue via mobile application on 20 February. The platform links each tokenised unit directly to a DLD-registered title deed, enabling seamless transfer of fractional interests in line with Dubai's property registration framework.

Who Can Participate and at What Cost

Access during the initial phase is limited to UAE residents holding a valid Emirates ID. This reflects DLD's deliberate, data-driven approach to scaling the market. Minimum investment entry points start at around AED 2,000 - a significantly lower threshold than traditional Dubai property investment requires.

Pilot-phase data from PRYPCO illustrates strong underlying demand. More than AED 18.5 million of property value was tokenised during earlier testing, with investor participation spanning over 50 nationalities. One offering was fully funded in one minute and 58 seconds, according to data published by KuCoin. These figures suggest the platform can process high-demand transactions at pace within the regulated structure.

Why the Secondary Market Launch Is Significant

DLD and several regional analysts, including Unlock Blockchain, describe Phase II as the first instance where a government real estate authority has introduced structured, government-backed secondary liquidity at meaningful scale under a comprehensive regulatory umbrella. Other jurisdictions have seen tokenisation pilots, but these have generally been private-sector or SPV-led initiatives. Dubai's model places the government land registry - DLD itself - at the centre of both issuance and secondary transfer.

The secondary market also enables DLD and VARA to observe real-world market behaviour under controlled conditions. These include price discovery, order book depth, liquidity formation, and settlement integrity. Tokenised transfers create an immutable log of ownership movements that can be reconciled against DLD's title-deed registry. WAM, the UAE state news agency, notes that this supports compliance, dispute resolution, and regulatory reporting across the ecosystem.

The Road Ahead

DLD has confirmed it continues to work with VARA and technical partners to develop regulatory and technical standards for future phases. The published roadmap includes expanding platform participation, broadening eligible asset classes, and potentially enabling cross-border investor access beyond UAE residents. All of these steps are subject to Phase II performance data and the necessary regulatory approvals.

Independent analysis cited in regional coverage notes that the success or failure of this pilot will influence whether government-backed tokenised real estate markets emerge in other cities, or whether Dubai's model remains the singular example at this scale. DLD has reiterated that any expansion beyond the current controlled pilot will follow a phased approach, informed by observed market outcomes and operational learnings from Phase II.