Latest news with #Prypco
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.
Yahoo
3 days ago
- Business
- Yahoo
Dubai Unveils Real Estate Tokenization Platform on XRP Ledger Amid $16B Initiative
The Dubai Land Department (DLD), a government agency for the real estate industry, has launched its first tokenized real estate platform as part of a government-backed effort that could see $16 billion worth of real estate digitized by 2033. The platform, called Prypco Mint and developed in partnership with real estate fintech firm Prypco, allows investors to purchase fractional ownership in Dubai properties using local currency starting at 2,000 dirhams, or about $540, according to a Sunday press release by the agency. In the initial phase, the platform only supports dirham transactions and is available to United Arab Emirates ID cardholders, but the agency said it plans to expand access globally in the near future and integrate more platforms later. Zand Digital Bank is serving as the banking partner, while regulatory oversight comes from the UAE Central Bank, Dubai's Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation through its Real Estate Sandbox. The technical backbone of the project is tokenization specialist Ctrl Alt's infrastructure, which has selected the XRP Ledger blockchain to place property title deeds on. The company said it has directly integrated with DLD's systems to ensure that the blockchain records stay in sync with traditional government real estate ledgers. The launch builds on Dubai's initiative that aims to accelerate tokenization, a red-hot crypto trend, of the city's booming property market. The agency projected that tokenized real estate could account for 7%, roughly $16 billion, of the city's total property transactions by 2033. Tokenization stands for using blockchains for moving and recording ownership of traditional financial instruments like bonds, funds or real estate, attracting a slew of global banks and asset managers with the promise of operational gains and faster, cheaper settlements. It could be a huge opportunity: tokenized assets could grow to a multiple trillion-dollar market over the next few years, as projected by Ripple, BCG, McKinsey and others.
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.
The National
4 days ago
- Business
- The National
Investors can now buy share of Dubai property for Dh2,000
Investors can pay as little as Dh2,000 for a slice of Dubai's tokenised real estate project after the Dubai Land Department (DLD) officially launched the pilot phase on Sunday. The sum will buy investors tokenised shares in ready-to-own properties in Dubai, with only UAE dirhams accepted for all transactions, the DLD said. Cryptocurrencies will not be accepted during the pilot phase. Currently, only Emirates ID holders will be able to invest in the project before it opens up to international investors. 'The platform is set to expand globally in the near future, with additional platforms to be integrated in later phases,' the Dubai government body said. The initiative is being implemented by Prypco Mint platform, in collaboration with Dubai's Virtual Assets Regulatory Authority (Vara), the UAE Central Bank 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. A partnership agreement between DLD, Prypco and Ctrl Alt Solutions will focus on attracting specialised asset tokenisation companies, while safeguarding investor rights. While the pilot phase of the project includes only two authorised companies, Prypco and Ctrl Alt, there are plans to open the market to other qualified firms in the future, DLD said. The project, announced in March, focuses on converting real estate assets into digital tokens recorded on blockchain, helping to streamline the process of buying, selling and investing. Real estate tokenisation enables fractional property ownership, where each asset is divided into shares based on investors' budget and financial strategy. This allows investors to acquire a portion of a property without fully purchasing it. Dubai's real estate tokenisation market is forecast to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate's total property transactions, according to government data. Through the digital platform investors can find information about property details ranging from pricing, risk factors, and technical specifications to the minimum investment required. The real estate tokenisation project is jointly managed by the DLD, as the regulator of physical real estate assets, and Vara as the regulatory body for digital assets to ensure a transparent regulatory framework, the DLD said. During the current phase, the CBUAE will oversee the opening of corporate accounts linked to real estate tokenisation through the Client Money Account (CMA), as part of a system designed to safeguard investor funds. Under this system, an investor's money is deposited into the CMA and not transferred to the tokenisation company until the purchase process is fully completed, to ensure security and transparency. The project's initial phase is limited to ready-to-own properties, and tokenisation is allowed only through companies licensed by the Vara, while DLD is responsible for reviewing and validating the fairness of property pricing before any listing is approved. '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,' the DLD said. The latest announcement comes as Dubai's property market continues to perform strongly amid government initiatives such as residency permits for retired and remote workers, the expansion of the 10-year golden visa programme and strong economic growth and diversification efforts. The emirate recorded real estate deals worth Dh761 billion last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, according to data provided by the Dubai Media Office. It also achieved a record in the sale of homes valued at more than $10 million last year, real estate consultancy Knight Frank said in a report last month. The emirate recorded 435 home sales valued at more than $10 million, up from 434 home sales in 2023 in the same category, with the total value of deals reaching $7 billion.
