Latest news with #RealEstateSandbox
Dubai Eye
10 hours ago
- Business
- Dubai Eye
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.
ARN News Center
a day 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.
Gulf Insider
a day ago
- Business
- Gulf Insider
Dubai Takes Major Tokenised Real Estate Project
The Dubai real estate sector leading the world again as tokenised property sells out and new ownership certificate launched. Dubai Land Department has launched the world's first Property Token Ownership Certificate, following the successful sale of the first tokenised real estate project on the 'Prypco Mint' platform — licensed by VARA — within just one day of launch. This milestone further reinforces Dubai's position as a global leader in real estate innovation and digital transformation. The first project launched under the Real Estate Tokenisation Initiative attracted 224 investors, 70 per cent of whom entered Dubai's real estate market for the first time. This highlights strong investor confidence and the accessibility provided by flexible, low-cost digital solutions. Investors represented 44 nationalities, and the average individual investment amounted to AED10,714 ($2,917). As the region's first platform of its kind, the initiative continues to draw significant interest, with the waitlist exceeding 6,000 requests. This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models. Dubai Land Department developed the Real Estate Tokenisation project in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. It is being executed through Prypco Mint. The initiative aims to broaden the real estate investor base while enhancing transparency and accelerating transaction processes, aligning with the Dubai Real Estate Strategy 2033 goals and the Dubai Economic Agenda D33. Dubai Land Department is currently working to enable real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking new opportunities for digital property investment. Also read: Dubai Metro Blue Line Set To Ease Traffic Congestion In The City
Hi Dubai
a day ago
- Business
- Hi Dubai
Dubai Land Department Launches World's First Property Token Ownership Certificate
Dubai has cemented its status as a global pioneer in real estate innovation with the launch of the world's first Property Token Ownership Certificate, following the successful debut of a tokenized real estate project on the Prypco Mint platform. Licensed by the Virtual Assets Regulatory Authority (VARA), Prypco Mint saw its inaugural property token offering sell out within just one day. The launch drew 224 investors, 70% of whom were first-time entrants to Dubai's real estate market, reflecting strong interest in low-barrier, digitally driven ownership models. Investors hailed from 44 nationalities, with the average investment amounting to AED10,714. The initiative is part of the Dubai Land Department's Real Estate Tokenization project, developed in collaboration with VARA, the Central Bank of the UAE, and Dubai Future Foundation under the Real Estate Sandbox framework. It aims to make property investment more accessible, transparent, and efficient, in line with the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. The response has been overwhelming, with a waitlist now exceeding 6,000 potential investors, underlining the growing global appetite for digital property assets. The department is also working to onboard real estate developers onto the platform, expanding the scope of tokenized investment opportunities. This move not only diversifies Dubai's investor base but also signals a shift toward a more inclusive, tech-enabled real estate market. News Source: Emirates News Agency
Gulf Insider
6 days ago
- Business
- Gulf Insider
Dubai Launches First Tokenised Real Estate Investment Platform
Dubai Land Department (DLD), in partnership with Prypco, has launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates (CBUAE), and the Dubai Future Foundation (DFF) as part of the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the pilot phase. UAE ID holders can now invest in tokenised real estate from AED 2,000 The project marks the activation of the digital platform offering individuals the opportunity to invest in ready-to-own properties in Dubai through tokenised shares. The platform is currently available to UAE ID holders, with plans for global expansion and additional platform integrations in future phases. The initiative is aligned with the Dubai Real Estate Sector Strategy 2033 and the Dubai Economic Agenda D33, which aims to position Dubai as a hub for smart real estate investment. Investors can begin investing from AED2,000, with all transactions conducted exclusively in UAE Dirhams. Cryptocurrencies will not be used during the pilot phase. The platform provides detailed information about each property, including pricing, risk factors, technical specifications, and minimum investment requirements. The project is a result of a strategic agreement between DLD, Prypco, and Ctrl Alt Solutions. It aims to create a regulatory and operational framework for real estate tokenisation. The agreement focuses on legislation development, knowledge promotion, attracting tokenisation companies, and investor protection. According to current projections, tokenised assets could account for up to 7 per cent of Dubai's real estate market by 2033, equivalent to AED 60 billion ($16 billion). Prypco Mint is expected to be central to this transformation. Regulatory oversight is being provided by DLD for physical real estate and VARA for digital assets, ensuring an integrated and transparent approach. DLD's tokenised property platform ensures CMA-based fund protection The Central Bank of the UAE oversees corporate accounts through the Client Money Account (CMA) system. Under this system, investor funds are deposited in CMAs and are only transferred after the purchase process is complete, which are safeguarded until the transaction is finalised. The platform facilitates access for individual investors, allowing them to earn returns from both rental income and capital appreciation. Ownership is legally documented by DLD, and investors are not required to manage the properties directly. Currently, the pilot phase includes only ready-to-own properties. Tokenisation is permitted solely through companies licensed by VARA. DLD is responsible for verifying the fairness of property pricing before listing. Prypco and Ctrl Alt are the two companies authorised for the pilot, with more firms expected to join in future phases. This initiative forms part of the Real Estate Evolution Space Initiative (REES), launched earlier by DLD to support PropTech and AI developments. The REES initiative promotes a legislative environment that attracts talent and startups to the sector. Source Arabian Business
