Dubai Land Department (DLD) has officially launched its Real Estate Tokenization Project, partnering with Ctrl Alt, the Virtual Assets Regulatory Authority (VARA), Dubai Future Foundation, and PRYPCO to introduce blockchain-based property title deeds.
This marks the first government-led tokenization initiative of real estate assets in the Middle East, aiming to transform property investment by enhancing transparency, accessibility, and efficiency.
Ctrl Alt is the project’s tokenization infrastructure provider, designing a secure, regulatory-compliant framework that mints and manages real estate tokens on the XRP Ledger (XRPL). Known for its stability and decentralized nature, the XRPL was selected to host the digital title deeds, ensuring a robust and trusted platform. Ctrl Alt integrated the blockchain system directly with DLD’s traditional real estate ledgers to coordinate conventional and digital records, allowing seamless data synchronization.
Under the Real Estate Evolution Space Initiative (REES), this project enables fractional ownership, where multiple investors can co-own a single property through tokens issued on the PRYPCO Mint platform. Investors can participate with a minimum investment of AED 2,000, making real estate investment more accessible to a wider audience. The platform is already live and available to UAE residents via mint.prypco.com.
The tokenization effort is expected to contribute significantly to Dubai’s real estate market, with forecasts estimating a $16 billion (AED 60 billion) tokenized market by 2033—accounting for approximately 7% of total property transactions in the city.
Matt Ong, CEO of Ctrl Alt, said, “We are proud to support DLD in opening up real estate investment to more people and positioning Dubai as a leader in blockchain adoption for financial services.”
This initiative aligns with Dubai’s Real Estate Sector Strategy 2033 and the broader Dubai Economic Agenda (D33), emphasizing digital innovation to boost economic growth and attract international investment.
Additionally, Dubai has taken a bold step toward integrating blockchain technology into its real estate sector, launching a pilot phase for converting property assets into digital tokens.
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