Dubai has officially launched the Middle East and North Africa (MENA) region’s first government-backed platform for tokenising real estate, marking a significant step in leveraging blockchain technology to transform property investment. The initiative, spearheaded by the Dubai Land Department (DLD), aims to make real estate more accessible, transparent, and efficient.
The platform, named Prypco Mint, operates on the XRP Ledger blockchain and allows individuals to purchase fractional ownership in physical properties through tokenised title deeds. This enables investments starting from as low as AED 2,000 (approximately $545), opening the Dubai real estate market to a broader range of investors.
The first tokenised real estate project on Prypco Mint witnessed rapid uptake, selling out within a single day and attracting 224 investors from 44 nationalities, 70% of whom were new to Dubai’s property market. The average investment was around AED 10,714.
This pioneering project is a collaboration between the DLD, the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank is the banking partner for the pilot phase.
The initiative aligns with Dubai’s Real Estate Strategy 2033 and the Dubai Economic Agenda D33, with projections indicating that tokenised assets could represent 7% of Dubai’s real estate market by 2033, valued at AED 60 billion.
Currently, the platform is exclusively available to UAE ID holders, with plans for global expansion in the near future. The DLD is also working to onboard more real estate developers to list their projects on Prypco Mint.
Summary:-
- Dubai has launched the MENA region’s first government-backed real estate tokenisation platform, Prypco Mint.
- The platform allows fractional ownership of Dubai properties starting from AED 2,000, attracting both new and international investors.
- This initiative by the Dubai Land Department (DLD) uses blockchain technology to enhance accessibility and transparency in the real estate market.
- The project aims to align with Dubai’s economic and real estate strategies, potentially reaching 7% of the market as tokenised assets by 2033.