- Dubai has launched the first licensed tokenized real estate project in the MENA region.
- The initiative was developed with the Dubai Land Department, Central Bank of the United Arab Emirates, and Dubai Future Foundation.
- Investors can buy tokenized property shares on the Prypco Mint platform, starting at about $545.
- Regulations were recently updated to allow real-world asset tokenization and secondary market trading.
- The global real estate tokenization market could reach $19.4 billion by 2033, according to Custom Market Insights.
Dubai has announced the launch of the first licensed tokenized real estate project in the Middle East and North Africa (MENA) region. The project was developed in partnership with the Dubai Land Department, the Central Bank of the United Arab Emirates, and the Dubai Future Foundation. The tokens will be listed and tradeable on the new Prypco Mint platform, with Zand Digital Bank serving as the banking partner for the pilot phase.
According to an official announcement, the platform allows investors to purchase tokenized shares in “ready-to-own properties in Dubai,” with a minimum investment of 2,000 dirhams (about $545). All transactions during the pilot phase must be made in the local currency. For now, the pilot targets UAE ID holders, but there are plans for global participation in the future.
Dubai’s Virtual Assets Regulatory Authority (VARA) updated regulations on May 19 to cover tokenization of real-world assets, permitting trading of these tokens on secondary markets. In April, DLD and VARA agreed to connect Dubai’s property registry to the tokenization process to draw international investors and increase liquidity in the real estate sector.
Dubai continues to position itself as a leader in digital assets. The city partnered with crypto.com in May to enable digital asset payments for government services. The area has seen a rise in crypto activity, with a 41% increase in crypto app downloads this year, according to AppsFlyer.
A report from Custom Market Insights projects the global real estate tokenization market could reach $19.4 billion by 2033, expanding at an annual growth rate of 21%. The sector includes residential, commercial, and industrial properties. Industry specialists such as RealT and Metlabs are active in this space, though regulatory challenges have slowed growth for some companies.
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