- Dubai Land Department (DLD) introduced its first tokenized real estate platform, Prypco Mint, aiming to digitize property worth $16 billion by 2033.
- The platform allows United Arab Emirates investors to buy fractional ownership of local real estate starting at about $540.
- In its initial rollout, transactions are limited to UAE ID holders paying in local currency, with plans for global expansion.
- Zand Digital Bank acts as the banking partner, with regulatory oversight from the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority, and Dubai Future Foundation.
- The project uses blockchain technology, recording property title deeds on the XRP Ledger to sync with traditional government ledgers.
The Dubai Land Department (DLD) has launched Prypco Mint, its first platform for tokenized real estate, as part of efforts to digitally transform the city’s property market. The initiative is designed to allow investors in the United Arab Emirates to purchase shares in Dubai properties, starting at a minimum buy-in of about $540.
According to an official release, the platform is currently limited to transactions in local currency and access is restricted to UAE ID cardholders. The DLD expects tokenized real estate to make up about $16 billion—roughly 7%—of Dubai’s total property transactions by 2033. The agency also announced plans to expand the platform beyond national borders and integrate more tools for buyers over time.
Zand Digital Bank is the official banking partner for the project, while the platform operates under the supervision of the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation via its Real Estate Sandbox initiative. The technical side uses blockchain infrastructure provided by Ctrl Alt, with property title deed data stored on the XRP Ledger blockchain. The company states this connection keeps blockchain records aligned with official government real estate ledgers.
Tokenization refers to using blockchain networks to record and transfer ownership of traditional assets such as real estate, stocks, or bonds. This approach is promoted for its potential to reduce settlement times and operational costs. Estimates from groups like Ripple, Boston Consulting Group, and McKinsey suggest tokenized assets worldwide could reach trillions of dollars in value by the end of the next decade.
The DLD’s move builds on Dubai’s strategy to adopt advanced technology in its rapidly developing real estate sector. For more information, see the agency’s official press release and Ctrl Alt’s announcement of its integration with the DLD’s system.
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