UAE – Mubahser: Dubai Land Department (DLD) has launched the region’s first tokenized real estate investment project through the Prypco Mint platform, according to a press release.
The initiative is being implemented in partnership with Prypco, Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE (CBUAE), and the Dubai Future Foundation (DFF) through the Real Estate Sandbox.
This move aims to strengthen Dubai’s leadership in the real estate sector and harnesses advanced technologies to advance property investment.
Zand Digital Bank has been appointed as the banking partner for the project’s pilot phase, making Dubai the first city in the MENA region to adopt a licensed platform for real estate tokenization.
The agency launched its digital platform to allow users to generate returns and own a share in a prime real estate project in Dubai.
Currently available exclusively to UAE ID holders, the platform is set to expand globally, with additional platforms to be integrated in later phases.
The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000.
Meanwhile, all transactions are carried out in UAE Dirhams, with no use of cryptocurrencies during the pilot phase.
As the market continues to evolve, tokenized assets are expected to represent up to 7% of Dubai’s real estate market by 2033, equating to a value of AED 60 billion ($16 billion).
