Latest news with #DLD
ARN News Center
an hour ago
- Business
- ARN News Center
Dubai's new real estate tokenised platform draws 6,000+ to waitlist
The Dubai Land Department (DLD) has issued its first Property Token Ownership Certificate, a blockchain-based document that formalises fractional ownership of real estate in the emirate. This follows the quick sell-out of the first tokenised property on the Prypco Mint platform, completed within just one day of launch. The platform, licenced by the Virtual Assets Regulatory Authority (VARA) and created in partnership with the DLD, allows individuals to invest in real estate using tokenisation - a process that divides a property into smaller, affordable digital shares. These shares can be purchased by investors, opening the door to property ownership without needing to buy an entire unit. The initiative has already attracted 224 investors, with 70 per cent investing in Dubai's real estate market for the first time. Participants came from 44 nationalities, and the average investment per person was approximately AED 10,714. Interest in the platform continues to grow, with over 6,000 people currently on the waitlist. This project is part of the Real Estate Tokenisation Initiative, supported by the Central Bank of the UAE and the Dubai Future Foundation, and developed through Real Estate Sandbox. By making real estate more accessible, this initiative aims to expand the investor base, speed up transactions, and enhance transparency, aligning with long-term goals under the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. Looking ahead, the DLD is working to allow more real estate developers to list their projects on Prypco Mint — a move that could further reshape how people invest in property, both in the UAE and beyond.
Khaleej Times
a day ago
- Business
- Khaleej Times
Dubai's first tokenised property fully funded within a day
Dubai's first tokenised property has been fully funded within a day, reflecting exceptionally strong demand from small investors. The property attracted 224 investors from over 40 nationalities, with an average investment amount of Dh10,714. On May 25, the Dubai Land Department (DLD) launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform in collaboration with the Virtual Assets Regulatory Authority (Vara), the Central Bank of the UAE, the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Launched by Prypco, the platform allows fractional investment in premium Dubai properties through blockchain-based tokens starting from just Dh2,000. "To see our first property fully funded in just a day reflects not only the strength of the concept but also a clear market demand for smarter, more accessible investment solutions. It's a strong step forward in enabling Real Estate Freedom for all," said Amira Sajwani, founder and CEO of Prypco. Benefits of buying tokenised property Built on Ctrl Alt's Web3 infrastructure, the platform converts tangible real estate assets into secure, digital tokens, each linked to a legally recognised Property Token Ownership Certificate issued by the DLD. This grants investors the same rights as traditional property ownership with none of the associated administrative burden while enjoying benefits such as rental income, capital appreciation, and liquidity. Currently, people with Emirates ID can invest in tokenized real estate projects only. It will open to global investors in the coming months. Investors will benefit from both rental income and capital appreciation as well. It is estimated that tokenised assets are projected to represent up to 7 per cent of Dubai's real estate market by 2033, reaching Dh60 billion.
Hi Dubai
4 days ago
- Business
- Hi Dubai
Dubai Land Department Launches Region's First Tokenised Real Estate Investment Platform
Dubai Land Department (DLD) has launched the Middle East and North Africa's first tokenised real estate investment project, marking a major step in modernizing property investment through digital technology. The pilot phase is live on the Prypco Mint platform, enabling UAE residents to buy tokenised shares in prime Dubai properties starting from AED 2,000. This groundbreaking initiative is a collaboration between DLD, Prypco, the Virtual Assets Regulatory Authority (VARA), the UAE Central Bank, and the Dubai Future Foundation. Zand Digital Bank supports the pilot phase as the official banking partner, reinforcing Dubai's role as the first MENA city to adopt a licensed platform for real estate tokenisation. The platform operates exclusively in UAE Dirhams, without cryptocurrency use during the pilot, and offers investors full transparency with access to detailed property data, pricing, and risk information. All transactions are safeguarded through a Client Money Account system overseen by the Central Bank, ensuring funds remain protected until purchases are finalized. This project aligns with Dubai's Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, aiming to boost innovation, attract global investors, and solidify Dubai's status as a smart real estate investment hub. Tokenised assets are expected to capture up to 7% of Dubai's real estate market by 2033, valued at AED 60 billion (USD 16 billion). Currently limited to ready-to-own properties and regulated tokenisation firms, the platform plans to expand access globally and include more licensed companies in future phases. Investors gain legally documented ownership shares with benefits from rental income and capital growth, offering a secure, transparent alternative to traditional property investment. This initiative is part of DLD's broader Real Estate Evolution Space (REES) to position Dubai at the forefront of PropTech and AI innovation in real estate. News Source: Emirates News Agency
Zawya
4 days ago
- Business
- Zawya
DLD launches MENA's first tokenised real estate project through ‘Prypco Mint' platform
DUBAI: In a landmark move that reinforces Dubai's leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the 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 United Arab Emirates, 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 tokenisation. Dubai Land Department has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform 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. 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. 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. 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 AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation. 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. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment. In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency. This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment. The project's initial phase is exclusively limited to ready-to-own properties, and tokenisation is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector. Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management. This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness.
Emirates 24/7
4 days ago
- Business
- Emirates 24/7
DLD launches the MENA's first tokenized real estate project through the ‘Prypco Mint' platform
: In a landmark move that reinforces Dubai's leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the region's first tokenized 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 United Arab Emirates, 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. Dubai Land Department has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform 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. Innovative Investment Opportunities for Individuals 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. 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. 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 AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation. Ensuring Integrated and Transparent Regulation The real estate tokenization 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. This collaboration ensures an integrated and transparent regulatory framework for this new and innovative model of property investment. In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenization through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors' funds are deposited into the CMA and are not transferred to the tokenization company until the purchase process is fully completed, enhancing security and ensuring maximum transparency. Facilitating individual investors' access to the market This project comes as part of the DLD's efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai's global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, which seeks to drive transformational projects that position Dubai as the world's best city to live and work in, through a fully integrated digital economy that enhances the emirate's position as a global hub for smart real estate investment. The project's initial phase is exclusively limited to ready-to-own properties, and tokenization is permitted only through companies licensed by the Virtual Assets Regulatory Authority. Dubai Land Department is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform. The pilot phase includes two authorized companies, Prypco and Ctrl Alt with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector. Rental and Capital Returns Investors will benefit from both rental income and capital appreciation resulting from the property's appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management. This project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai's global competitiveness. Follow Emirates 24|7 on Google News.
