Latest news with #tokenisedproperty
Arabian Business
3 days ago
- Business
- Arabian Business
Dubai takes major tokenised real estate project step with world-first investment
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. Dubai tokenised real estate 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). 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.
The National
3 days ago
- Business
- The National
Dubai's first tokenised property project sells out on launch day with 224 investors
Dubai's first tokenised property project sold out within a day of its launch, attracting 224 investors, with 70 per cent of them entering the emirate's real estate market for the first time. The individual investors, representing 44 nationalities, paid Dh10,714 ($2,917) each on average for the tokenised shares in ready-to-own properties, the Dubai Land Department said in a statement on Thursday. 'As the region's first platform of its kind, the initiative continues to draw significant interest, with the waiting list exceeding 6,000 requests,' the government body said. 'This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models.' The DLD developed the project in collaboration with the Virtual Assets Regulatory Authority, the Central Bank of the UAE and the Dubai Future Foundation through the Real Estate Sandbox. It is being executed through Prypco Mint. Currently, only Emirates ID holders will be able to invest in the project before it opens up to international investors in the 'near future, with additional platforms to be integrated in later phases', the DLD said during the official launch of the pilot phase on May 25. The initiative aims to broaden the real estate investor base while improving transparency and accelerating transaction processes. The project offers investment opportunities through the purchase of tokenised shares in ready-to-own properties in Dubai, starting from Dh2,000. All transactions are carried out exclusively in UAE dirhams, with no use of cryptocurrencies during the pilot phase, the DLD had said. Through the platform, investors can access all the property details, including pricing, risk factors, and technical specifications. DLD is currently working to allow real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking opportunities for digital property investment, it said on Thursday. 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 by 2033, representing 7 per cent of the emirate's total property transactions, according to government data.
Khaleej Times
4 days 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.
