A new tokenised real estate platform in Dubai has generated significant interest, with over 6,000 individuals joining its waitlist. The platform, Prypco Mint, allows users to purchase fractional shares of properties through secure digital tokens, democratising access to the Dubai real estate market.
This development follows the Dubai Land Department (DLD) issuing its first Property Token Ownership Certificate, a blockchain-based document formalising fractional ownership. The first tokenised property on Prypco Mint sold out within a single day of its launch, attracting 224 investors, with 70 percent being new to Dubai’s property market. Investors from 44 nationalities participated, with an average investment of approximately AED 10,714.
Prypco Mint, licensed by the Virtual Assets Regulatory Authority (VARA) and created in partnership with the DLD, enables individuals to invest in real estate by dividing properties into smaller, more affordable digital shares. This initiative is part of the Real Estate Tokenisation Initiative, supported by the Central Bank of the UAE and the Dubai Future Foundation, and developed through the Real Estate Sandbox.
The aim of this project is to broaden the investor base, expedite transactions, and enhance transparency within the real estate sector, aligning with the goals of the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. The DLD is now working to enable more real estate developers to list their projects on Prypco Mint, which could further transform how people invest in property both in the UAE and internationally.
Summary:-
- A new Dubai-based tokenised real estate platform, Prypco Mint, has attracted over 6,000 people to its waitlist.
- The platform allows fractional ownership of properties through digital tokens, with the Dubai Land Department issuing its first Property Token Ownership Certificate.
- The first tokenised property sold out quickly, with a significant number of first-time investors in Dubai real estate participating.
- This initiative aims to make real estate investment more accessible, transparent, and efficient, aligning with Dubai’s broader economic and real estate strategies.