DLD launches region's first tokenised real estate project
Dubai Land Department (DLD) has announced the launch of the Mena region's first tokenised real estate investment project through the 'Prypco Mint' platform.
The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE and the Dubai Future Foundation (DFF) through the Real Estate Sandbox.
Zand Digital Bank has been appointed as the banking partner for the project's pilot phase, positioning Dubai as the first city in the Mena region to adopt a licensed platform for real estate tokenization.
DLD has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform mint.prypco.com. The platform enables 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 in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai's position as a global hub for innovation in tokenized real estate.
According to DLD, the project offers individuals innovative investment opportunities through the purchase of tokenised shares in ready-to-own properties in Dubai, starting from just AED2,000 ($544).
All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase.
Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making.
This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization.
The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights, said DLD in its statement.
As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai's real estate market by 2033, equating to a value of AED60 billion ($16 billion). Prypco Mint is poised to be the cornerstone of this transformation, it stated.
The real estate tokenisation project is jointly managed by Dubai Land Department, as the regulator of physical real estate assets, and the Virtual Assets Regulatory Authority (VARA), as the regulatory body for digital assets.
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