The latest tokenized real estate project in Dubai has made waves in the investment world, with a one-bedroom apartment at Kensington Waters selling out in just under two minutes. The property, valued at $653,000, was listed on the PRYPCO Mint platform in partnership with the Dubai Land Department (DLD).
This sale marks the second successful tokenized real estate project by PRYPCO in recent weeks, following the sale of a property worth $1.306 billion in total. The first property attracted investors from over 40 nationalities, with an average investment of $2,900, while the second property saw 149 investors from 35 nationalities participating.
Fractional shares were made available for as little as Dh2,000, allowing smaller investors to own a stake in Dubai’s lucrative real estate market. The success of these tokenized properties showcases the growing trust in digital assets as a regulated investment class.
PRYPCO Mint, the blockchain platform behind the tokenization process, has partnered with the DLD and Ctrl Alt blockchain platform powered by XRP and Zand Bank for secure and compliant transactions. The collaboration has focused on structuring, minting, and placing real estate title deed tokens on-chain.
According to the Dubai Land Department, the waiting list for the latest tokenized property exceeded 10,000, indicating a strong demand for such investment opportunities. Investors are advised to register early on the PRYPCO Mint platform to participate in future projects, which are expected to see similar high demand.
The success of tokenized real estate projects is projected to contribute to the growth of a AED 60 billion ($16 billion) market by 2033, representing 7% of Dubai’s total property transactions. With more projects in the pipeline, the future of tokenized real estate in Dubai looks promising for investors looking to diversify their portfolios.