Dubai has taken a significant leap towards digitizing its real estate market with the launch of its first government-backed tokenized platform. The initiative, led by the Dubai Land Department (DLD), aims to tokenize $16 billion worth of real estate by 2033, representing about 7% of total projected transactions.
The platform, known as Prypco Mint, was developed in collaboration with real estate fintech firm Prypco. It allows investors to purchase fractional ownership of Dubai properties starting at just 2,000 dirhams, or approximately $540. Currently, the platform only supports transactions in the local currency and is accessible exclusively to United Arab Emirates ID holders. However, global access and additional integrations will be introduced in later phases.
Zand Digital Bank is providing banking services for the project, which operates under the oversight of the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation through its Real Estate Sandbox. The platform utilizes a tokenization infrastructure built by Ctrl Alt, with the XRP Ledger chosen as the blockchain for anchoring digital property records. Ctrl Alt has integrated directly with DLD’s systems to ensure synchronization with Dubai’s traditional land registry.
By tokenizing real estate, DLD aims to make property ownership more accessible by reducing entry barriers through fractionalization. Over 3,000 investors have already expressed interest in the platform, signaling a growing appetite for tokenized assets globally. Analysts predict that the tokenized asset market could reach trillions of dollars in the coming years as the adoption of blockchain technology accelerates.
Future updates to the platform will open it to international investors and expand the range of assets available. With digital records linked directly to the government’s property ledger, the system will support both on-chain and off-chain transactions in a unified structure. If successful, Dubai’s tokenization efforts could drive $16 billion in real estate activity within the next decade, revolutionizing property transactions in one of the world’s most dynamic real estate markets.
In addition to its real estate initiative, Dubai is bolstering its position as a global hub for regulated digital finance. The Department of Finance recently partnered with Crypto.com to enable crypto payments for government services, further embracing digital assets. The move aligns with Dubai’s Cashless Strategy, which aims for 90% cashless transactions by 2026. Stablecoins are expected to play a key role in the region’s digital payment infrastructure, with Abu Dhabi institutions supporting a dirham-pegged stablecoin.
As regulatory frameworks evolve to support tokenized assets, global firms are turning to the UAE for opportunities in the digital finance space. Ripple, a major player in the region, is expanding its enterprise services following recent license approvals. With Dubai leading the way in tokenized real estate and digital finance, the emirate is poised to become a trailblazer in the global shift towards blockchain technology.