Staff Report
Dubai, UAE
Dubai Land Department (DLD) has launched MENA’s first tokenised real estate investment project through the Prypco Mint digital platform, enabling investors to own tokenised shares in Dubai’s ready-to-own properties with at least Dh2,000. The pilot phase of tokenisation will take place on the digital platform which is currently available to UAE ID holders only and accepts transactions exclusively in UAE Dirhams, with no use of cryptocurrencies during this phase.
The project has been initiated in partnership with Prypco in addition to collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenisation.
Through the Prypco Mint platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making. The platform is set to expand globally in the near future, with additional platforms to be integrated in later phases.
As the market continues to evolve, tokenised assets are projected to represent up to seven percent of Dubai’s real estate market by 2033, equating to a value of Dh60 billion (US$16 billion). Prypco Mint is poised to be the cornerstone of this transformation.
The real estate tokenisation project is jointly managed by DLD as the regulator of physical real estate assets and the Virtual Assets Regulatory Authority (VARA) as the regulatory body for digital assets. The pilot phase includes two authorised companies, Prypco and Ctrl Alt, with plans to open the market to additional qualified firms in the future, supporting the growth of this emerging sector.
In the current phase, the Central Bank of the United Arab Emirates plays a pivotal role in overseeing the opening of corporate accounts linked to real estate tokenisation through the Client Money Account (CMA) system. This dedicated banking structure is designed to safeguard investor funds. Under this system, investors’ funds are deposited into the CMA and are not transferred to the tokenisation company until the purchase process is fully completed, enhancing security and ensuring maximum transparency.
This project comes as part of the DLD’s efforts to achieve the objectives of the Dubai Real Estate Sector Strategy 2033, which aims to reinforce Dubai’s global leadership in this vital sector by strengthening partnerships with the private sector and attracting innovative international companies. It is also aligned with the goals of the Dubai Economic Agenda D33, which seeks to drive transformational projects that position Dubai as the world’s best city to live and work in, through a fully integrated digital economy that enhances the emirate’s position as a global hub for smart real estate investment.
The project’s initial phase is exclusively limited to ready-to-own properties, and tokenisation is permitted only through companies licensed by the Virtual Assets Regulatory Authority. DLD is responsible for reviewing and validating the fairness of property pricing before any listing is approved on the platform.
Investors will benefit from both rental income and capital appreciation resulting from the property’s appreciation, while holding a legally documented ownership share issued by Dubai Land Department—ensuring a transparent and secure investment experience without the complexities of traditional property management.
This tokenisation project is part of the Real Estate Evolution Space Initiative (REES) previously launched by Dubai Land Department, which aims to position Dubai on the global map for PropTech and artificial intelligence. The initiative fosters a flexible legislative environment and encourages the attraction of talent and startups in this vital sector, further enhancing Dubai’s global competitiveness.
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Also read: DLD launches initiative to tokenise real estate assets for investors
