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Gulf Business
01-08-2025
- Business
- Gulf Business
From bricks to blockchain: Perspectives on Dubai's real estate revolution
Images: Supplied Real estate tokenisation is no longer a concept of the future — it's a fast-unfolding reality, and Dubai is at the forefront. As the emirate pilots regulated models and integrates blockchain infrastructure into government systems, tokenisation is reshaping ownership, access, and investment. From luxury properties on Palm Jumeirah to institutional-grade smart contracts, this evolution is creating a more accessible, liquid and tech-enabled marketplace. Below, key voices shaping the property landscape share their perspectives on how tokenisation is transforming the industry. Yogesh Bulchandani , CEO, Sunrise Capital Tokenisation has the potential to democratise real estate by enabling fractional ownership, making high-value assets accessible to a broader base of investors. It directly addresses two longstanding barriers in the sector: liquidity and transparency. With the global tokenised real estate market valued at $3.5bn in 2024 and forecasted to reach $19.4bn by 2033, the shift is already well underway. The UAE is taking clear strides in this direction, with active pilots from the Dubai Land Department, the Virtual Assets Regulatory Authority, and the Central Bank. For adoption to accelerate, we need clearer legal frameworks around smart contracts, greater system interoperability, and robust investor education. Hospitality assets and branded residences are proving the most popular for tokenised and fractional ownership, largely thanks to their dependable income potential and strong brand equity. We are also seeing increased interest in luxury residential units, driven by their asset appreciation and global demand. For developers, tokenisation unlocks new capital channels, accelerates presales, and improves liquidity. For investors, the appeal lies in lower entry points, diversification, and the ability to trade shares — benefits that traditional real estate often lacks. In Dubai alone, tokenised real estate transactions reached $399m in H1 2025. We're piloting smart contracts for escrow handling, rental flows, and milestone-based payments. The primary challenge remains legal enforceability under UAE civil law, which currently views smart contracts as auxiliary agreements. Developers and proptech firms are increasingly collaborating to build tokenised platforms, with joint ventures forming and platforms like Zeeshaan Shah , c hairman, One Group and founder of ELEVATE We've seen tokenised real estate gain serious traction across the UK and Europe, driven by a broader wave of innovation powered by AI, blockchain, and advanced proptech platforms. The UAE, with its investor-friendly climate, tech-forward mindset, and appetite for disruption, is a ripe market to take this on. But for tokenisation to move from hype to tangible impact, what's crucial is the creation of a robust, integrated ecosystem — legal, digital, and financial. Dubai, in particular, has the infrastructure and ambition to not just adopt these technologies, but to lead the region — and possibly the world — in setting the benchmark. Veer Doshi , MD and CEO, Vincitore Real Estate Development Over the next decade, tokenisation will unlock unprecedented access, liquidity, and global reach — just as Dubai has pioneered through the DLD–VARA pilot and REES sandbox in 2025. It will energise secondary markets, streamline off-plan financing, and elevate fractional investing from novelty to mainstream—helping Dubai secure a projected $16bn tokenised market by 2033. As a forward-looking developer, we're evaluating how these innovations can integrate with our vision of redefining luxury living through architecture, technology, wellness, and financial accessibility. The UAE is uniquely positioned to lead the global shift to tokenised real estate—especially in the luxury segment, where innovation and trust are critical. But for tokenisation to become mainstream, three pillars must align: regulatory clarity, investor readiness, and seamless tech-legal integration. When smart contracts operate within a trusted framework, tokenised ownership won't just be possible — it will be inevitable. For developers, tokenisation provides access to global capital while preserving brand equity. For investors, it offers flexible entry, transparency, and liquidity, redefining real estate as an agile, intelligent asset class aligned with Dubai's future. Developer–proptech collaboration is shifting from experimentation to execution. Together, they're building asset-backed ecosystems merging compliance, liquidity, and user experience. A common misconception is that tokenisation guarantees fast capital and instant liquidity. But the reality is that it demands greater transparency, legal structure, and discipline. Dubai isn't waiting for global frameworks, it's setting them. With initiatives like VARA's Rulebook 2.0 and DLD's regulatory sandbox, the Gulf is fast becoming the global benchmark for tokenised real estate. Imran Khan, f ounder and CEO, PIXL Global | Invespy In the UAE, we're building the rails for a smarter property market, and tokenisation is a cornerstone. But proptech isn't just about the tech — it's about trust. While the success of the latest initiative by DLD, which sold out in under two minutes, is a powerful signal of what's possible. Standardisation, cybersecurity, and user experience will be key in driving adoption. This is the future of UAE real estate, and there's no better place than Dubai to lead it — the city has always had a remarkable ability to embrace and scale game-changing innovations. Kalpesh Kinariwala founder, Pantheon Development Tokenisation is a seismic shift in the luxury real estate landscape. Over the next five to ten years, this technology will lower investment barriers and enable fractional ownership of high-value assets. By leveraging blockchain's security and transparency, tokenisation will democratise access to premium properties, attract new classes of investors, and create a more liquid, globally connected market. We are confident that tokenisation will become mainstream in the UAE, thanks to the region's forward-thinking regulatory initiatives and robust appetite for technological innovation. Our advanced R&D investments affirm our commitment to supporting and shaping this evolution into a secure, scalable investment ecosystem. Today, Dubai has become a hotbed for fractional ownership of high-end properties. The Dubai Land Department, in partnership with the Virtual Assets Regulatory Authority and Dubai Future Foundation, launched a regulated tokenisation pilot this year — opening access to premium properties in areas like Palm Jumeirah, Downtown, and Emirates Hills. According to a 2025 report by Dubai's Department of Economy and Tourism, tokenised residential assets are forecast to represent Dhs60bn in transactions by 2033, accounting for approximately 7 per cent of the emirate's real estate market. This growth is being driven by both local and foreign retail investors entering with as little as Dhs 500, gaining exposure to assets previously reserved for the ultra-wealthy. Commercial and mixed-use properties are also steadily gaining traction in the tokenisation ecosystem. Office buildings, retail strips, and multi-purpose developments are being fractionalised primarily for their predictable rental yields and long-term tenant contracts. Developers are leveraging tokenisation not only as a sales tool, but also as a financing mechanism — avoiding traditional debt structures. Shabana Farooq , m anaging partner and COO, URBAN Properties Innovation has always been at the heart of the real estate industry, from how we list and market properties to how we close deals and build client relationships. Tokenisation is the next evolution in that journey. We're constantly seeking smarter, faster, and more transparent ways to connect buyers with the right opportunities — and this technology allows us to do just that. It opens the door to a wider investor pool, fractional ownership models, and quicker transactions. Ultimately, it's about making real estate more accessible and engaging for today's digital-first customer. It won't replace the human element, but it will definitely enhance how we sell, communicate, and deliver value. Rakesh Mirchandani co-founder of RRS International Development and partner at RRS Capital ManagementProperties With Dubai leading as the first emirate to regulate real estate tokenisation, we're entering a new era of property investment. It offers a more accessible, hassle-free way to own and manage real estate — perfect for Gen Z, Gen Alpha and all those who prefer digital, blockchain-enabled solutions. Investors can start from just Dhs2,000 (approx. $545) and still proudly hold real estate while diversifying across other asset classes. While the concept is still new and comes with a learning curve, the benefits for both sides— greater transparency, global liquidity, and ease of ownership — make it an exciting and strong option, even for cautious investors and those who are traditionally risk averse. As this ecosystem grows we will educate ourselves to invest better. Captain Pradeep Singh , founder, Karma Developers Tokenisation will democratise real estate by enabling fractional ownership, increasing liquidity, and opening access to global investors. Given the right regulatory framework, we can expect it to evolve from a niche innovation to a mainstream investment vehicle — much like how REITs reshaped real estate decades ago. The UAE is already laying the groundwork, from the Dubai Land Department's pilot tokenisation project to VARA's regulatory frameworks. For tokenisation to scale, continued enhancements in regulatory clarity will further accelerate adoption, along with robust secondary markets and greater education among traditional stakeholders. So far, high-value residential and hospitality assets are leading the charge. There's growing interest in branded residences and lifestyle-led developments for tokenisation, particularly among younger, tech-savvy investors. However, as tokenisation becomes more mainstream than novelty, efficiencies would result in assets with good rental returns having higher trading volumes. For developers, tokenisation unlocks faster access to capital and broadens the investor base. For investors, it offers lower entry points, enhanced liquidity, and real-time transparency. We are still in the process of evaluating and understanding the advantages and challenges of smart contracts. Globally, one of the key challenges remains the lack of universal legal recognition — many jurisdictions don't treat them as fully enforceable contracts. Traditional agreements benefit from established legal frameworks, while smart contracts rely solely on code, which can be prone to errors with significant consequences. That said, smart contracts in Dubai's real estate sector offer significant potential for automation, transparency, and cost efficiency. However, as mentioned, adoption is in early stages and largely concentrated in tech-forward projects. Widespread implementation will depend on regulatory updates, increased stakeholder awareness, and seamless integration with DLD and other official platforms. The Gulf — and Dubai in particular — is leading the region in embracing tokenisation. Initiatives like the DLD's Real Estate Evolution Space and Riz Ahmed CEO, SmartCrowd In the next five to 10 years, real estate will exist as on-chain tokens backed by income-generating assets — programmable, tradable, and transparent. At SmartCrowd, we laid the foundation for this transformation through fractional ownership. Tokenisation builds on that, embedding real estate into blockchain to create digital assets that can be traded in real time, with smart contracts automating governance, compliance, and distribution. Unlike traditional platforms, settlement can now happen in minutes, not months. Dubai is no longer experimenting—it's implementing. With the Dubai Land Department issuing Tokenisation Certificates and VARA regulating virtual assets, the infrastructure is validated and government-backed. This is not just a tech innovation; it's an institutional-grade investment channel. Tokenisation will go mainstream not because it's trendy, but because it's better, merging the transparency of blockchain, the flexibility of fintech, and the legal robustness of traditional real estate. That said, education is key. Many still confuse tokenised real estate with crypto speculation. In reality, it's underpinned by tangible, income-producing assets with regulatory oversight. The idea that it's unregulated or untested couldn't be further from the truth — platforms like ours have proven the model works. Secondary residential properties are currently the most viable asset class due to title clarity, income track record, and regulatory ease. The biggest draw for developers is liquidity — tokenisation unlocks faster access to capital and reduces reliance on institutional buyers. For investors, it offers lower entry points, transparency, and the potential for real-time exits. What's needed next is deeper integration with mainstream finance apps, broader institutional participation, and continued regulatory collaboration. The UAE is setting the global playbook for tokenised real estate, and we're proud to help drive that change from the ground up. Looking ahead As the UAE cements its position as a global innovator in tokenised real estate, the road ahead lies in scaling adoption through education, regulation, and trust. With the right framework, what began as a tech-forward experiment could soon redefine the core of property ownership, investment, and access — not just in Dubai, but worldwide.
ME Construction
16-06-2025
- Business
- ME Construction
Sunrise Capital breaks ground on ‘Bellagio by Sunrise' project
Property Sunrise Capital breaks ground on 'Bellagio by Sunrise' project By With a valuation of US $109mn, Bellagio offers residents an array of amenities that cater to every need Sunrise Capital has said it recently commenced construction on its signature luxury project, Bellagio by Sunrise. The groundbreaking ceremony which was attended by representatives from Sunrise Capital and project consultants, marked a significant milestone with the traditional soil turning ceremony, the firm said. Nestled within the expanding Wasl Gate, the residential development stands as a testament to craftsmanship, visionary architecture, and a commitment to sustainability. With a valuation of US $109mn, Bellagio offers residents an array of amenities that cater to every need including: a temperature-controlled swimming pools and kids' pools, a fully equipped gym, a dedicated yoga space, outdoor and indoor cinema facilities, children's play areas and game rooms, co-working spaces, and sauna rooms, ensuring residents a harmonious lifestyle within the community, the developer stated. Bellagio comprises two buildings, each rising 12 floors and housing 255 designed residential units. Each residence boasts floor-to-ceiling windows, high-end materials and finishes which are designed to create an ambiance of refined luxury. 'We are thrilled to see Bellagio by Sunrise officially get underway as this spectacular new project represents a new era in luxury and elevated community living,' stated Yogesh Bulchandani, Founder & CEO of Sunrise Capital. 'This groundbreaking symbolises our commitment to quality and lifestyle excellence.' Residents of Bellagio can enjoy easy access to Sheikh Zayed Road, Al Khail Road and the Dubai Metro, making daily commutes and leisure outings convenient; the location enhances the livability and investment potential of the property, the developer explained.
Mid East Info
14-06-2025
- Business
- Mid East Info
Sunrise Capital breaks ground on Bellagio by Sunrise - Middle East Business News and Information
The landmark AED 400 million ultra-luxury development in Al Wasl Gate gets underway June 2025, Dubai, UAE: Sunrise Capital has officially commenced construction on its flagship luxury project, Bellagio by Sunrise. The groundbreaking ceremony was attended by leaders from Sunrise Capital and project consultants featuring traditional soil turning to mark this significant milestone. Located in up-and-coming Wasl Gate, this ultra-luxury residential development is valued at AED 400 million (USD 109 million) and boasts exceptional craftsmanship, visionary architecture, with sustainability at its core. 'We are thrilled to see Bellagio by Sunrise officially get underway as this spectacular new project represents a new era in luxury and elevated community living,' stated Yogesh Bulchandani, Founder & CEO of Sunrise Capital. 'This groundbreaking symbolises our commitment to quality and lifestyle excellence.' The development will showcase exclusive residences featuring panoramic views, smart technology, and wellness amenities. Reflecting Sunrise Capital's dedication to innovation and corporate social responsibility, the project adheres to green licensing protocols and inclusive site practices. Sunrise Capital continues to strengthen its reputation as a developer committed to timely delivery and excellence. About Sunrise Capital: Established in 2016, Sunrise Capital is a premier real estate developer in Dubai, dedicated to redefining luxury living. With a commitment to excellence, innovation, and sustainability, we craft exceptional residential, commercial, and retail spaces that go beyond expectations. Our award-winning developments, including Legend by Sunrise Capital and Legacy by Sunrise Capital, set new benchmarks in quality and design. At Sunrise Capital, we don't just build properties—we create thriving communities and iconic landmarks that enrich lives.
Zawya
13-06-2025
- Business
- Zawya
Sunrise Capital breaks ground on Bellagio by Sunrise
Dubai, UAE: Sunrise Capital has officially commenced construction on its flagship luxury project, Bellagio by Sunrise. The groundbreaking ceremony was attended by leaders from Sunrise Capital and project consultants featuring traditional soil turning to mark this significant milestone. Located in up-and-coming Wasl Gate, this ultra-luxury residential development is valued at AED 400 million (USD 109 million) and boasts exceptional craftsmanship, visionary architecture, with sustainability at its core. 'We are thrilled to see Bellagio by Sunrise officially get underway as this spectacular new project represents a new era in luxury and elevated community living,' stated Yogesh Bulchandani, Founder & CEO of Sunrise Capital. 'This groundbreaking symbolises our commitment to quality and lifestyle excellence.' The development will showcase exclusive residences featuring panoramic views, smart technology, and wellness amenities. Reflecting Sunrise Capital's dedication to innovation and corporate social responsibility, the project adheres to green licensing protocols and inclusive site practices. Sunrise Capital continues to strengthen its reputation as a developer committed to timely delivery and excellence. About Sunrise Capital Established in 2016, Sunrise Capital is a premier real estate developer in Dubai, dedicated to redefining luxury living. With a commitment to excellence, innovation, and sustainability, we craft exceptional residential, commercial, and retail spaces that go beyond expectations. Our award-winning developments, including Legend by Sunrise Capital and Legacy by Sunrise Capital, set new benchmarks in quality and design. At Sunrise Capital, we don't just build properties—we create thriving communities and iconic landmarks that enrich lives.
Forbes
14-05-2025
- Business
- Forbes
Mobile Home Parks And Parking Garages: Rethinking 'Boring' Investments
Brian Spear, Managing Principal & cofounder of Sunrise Capital Investors, a real estate investment company catering to accredited investors. getty Why do asset classes that seem "boring" make some of the best investments? First, they're often the safest—and no matter how fun or adventurous you may be personally, you likely don't want to be so adventurous with your money. Many investors are looking for an opportunity that's secure and stable, and "boring" investments often provide the most predictability, steadiest cashflow and even reasonable long-term growth. At my company, we pride ourselves on investing in mobile home parks (MHPs) and parking garages—assets often overlooked because they seem "boring." To us, boring is beautiful. Let me break down why and what investors should consider about these types of investments. The markets for MHPs and parking garages are fragmented, with ownership generally spread across many small operators rather than concentrated among a few dominant players. This fragmentation creates opportunities for investors, especially in the form of off-market deals. Off-market deals allow buyers to negotiate directly with property owners, sometimes securing assets well below market value. These transactions create what we call a margin of safety, enabling the buyer to "make money on the buy." Both MHPs and parking garages are generally backed by strong demand. People will always need affordable housing and parking—these are basic needs that do not fluctuate widely with market cycles. In the case of mobile home parks, demand is also likely to continue to rise due to the affordability crisis in housing. Similarly, the parking garage market size has experienced steady growth in recent years. According to The Business Research Company, part of this growth is attributable to a shortage of parking spaces in densely populated urban areas. I believe this lower supply only strengthens the fundamental demand drivers of existing assets. In short, the combination of shrinking supply and steady or increasing demand suggests continued strong supply-demand dynamics. One of the greatest advantages I see of MHPs and parking garages is their straightforward business model. These assets operate on a simple premise: People pay for a place to park or live. In our property management company, we streamline operations by managing our mobile home parks as though they were parking garages since, in fact, residents are renting a patch of ground to park their homes on. This simplicity makes ground-rent-based revenue streams easy to understand and manage. MHPs and parking garages also illustrate a solid investment strategy: that of cashflow-covered land plays. A covered land play is an approach where investors purchase income-generating properties with the potential for long-term redevelopment. While the property produces steady cash flow in the short term, its underlying land value appreciates over time. This strategy allows investors to enjoy consistent income while positioning themselves for future sale and/or development of the land for a different use. Think of an urban parking garage being converted to a multifamily development once population demand makes the economics of the land acquisition feasible for a developer. In my experience, owners often hold MHPs and parking garages long-term, as they tend to offer stability, predictable cash flow and growth over time. A long-term perspective means investors can potentially benefit from steady income streams and increasing land values. As they say about land, "They're not making any more of it." Land in growth areas remains an attractive asset in itself, regardless of economic changes. By holding these covered land investments for 10 years or more, investors can ride out short-term market cycles and sell when the time is right, thus unlocking significant wealth-building potential. Even though "boring" investments tend to be more stable than other investments, there are still risks to consider. For starters, many MHPs are decades old, meaning that utility infrastructure may be outdated or worn down, so repairs may be costly. Additionally, MHPs tend to have a negative stigma that can make investing difficult. Though strides have been made toward creating a more positive association, this stigma still exists—this can influence the demand for MHPs. In the case of parking garages, if you're just getting started, you may find it difficult to gather the most attractive financing options available in the marketplace. Since parking garages are a niche asset class, there are fewer lenders in the marketplace that understand its nuances (compared to multifamily, for example). Moreover, with the increase in ride-hailing services such as Uber or Lyft, some have suggested the possibility of a decline in car ownership. If car ownership significantly declines, commercial parking may not be the most attractive investment option. Even with these risks in mind, with the right operator, I believe the potential benefits of investing in mobile home parks and parking garages remain strong. These asset classes offer unique opportunities for strong cash flow and operational upside—especially for investors willing to dig deeper, operate smartly and play the long game. One piece of advice I would give investors is that location is everything in real estate—it can influence demand, rental income potential and property value. So, before committing to an investment, it's essential to examine the area the property is located in. For example, you might consider investments located in close proximity to urban amenities such as shopping centers, parks, hospitals or schools, as these amenities can foster population growth. Furthermore, local market conditions can impact investments. Job opportunities, population trends and unemployment rates can all affect an investment's performance, so it's wise to research local economic trends when considering an investment. "Boring" investments like mobile home parks and parking garages may not capture headlines, but they have delivered where it matters most for us. By adding these types of assets to your portfolio and following the advice outlined above, you can diversify your holdings and work toward protecting against recession risks. These investments embody the timeless truth that wealth is typically built steadily, not suddenly, and I believe this makes them a solid choice worth considering for investors. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
