KEY FACTS: Dubai has launched the MENA region’s first licensed tokenized real estate project, the “Prypco Mint” platform, enabling fractional property ownership with a minimum investment of 2,000 AED ($545). Spearheaded by the Dubai Land Department in collaboration with Prypco, Ctrl Alt, and Zand Digital Bank, the initiative uses the XRP Ledger for secure, transparent transactions. It integrates with Dubai’s real estate registry. Exclusively available to UAE residents during its pilot phase, the project aligns with the Dubai Economic Agenda (D33) and is projected to capture 7% of the city’s property market ($16 billion) by 2033. Regulated by VARA and the Central Bank of the UAE, this pioneering effort aims to democratize real estate investment.

Dubai Coat of Arms, Land Department

Dubai Pioneers MENA’s First Licensed Tokenized Real Estate Project

Dubai has launched the Middle East and North Africa (MENA) region’s first licensed tokenized real estate project. Announced on May 25, 2025, the initiative, spearheaded by the Dubai Land Department (DLD) in collaboration with key partners, seeks to revolutionize property investment by leveraging blockchain technology to democratize access to real estate ownership. The project, centered on the “Prypco Mint” platform, is poised to reshape the region’s real estate market, with projections estimating that tokenized assets could account for 7% of Dubai’s property market forecasted to be approximately $16 billion by 2033.

The tokenized real estate project allows individual investors to purchase fractional ownership in “ready-to-own” properties in Dubai, with a remarkably low entry point of just 2,000 Emirati Dirham (AED), equivalent to approximately $545. This initiative, which operates under the regulatory oversight of Dubai’s Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation, aims to make real estate investment more accessible to a broader audience. The project lowers the financial barriers traditionally associated with property investment by enabling fractional ownership through digital tokens, allowing small-scale investors to participate in Dubai’s booming real estate market.

During the pilot phase, the platform, accessible via mint.prypco.com, is exclusively available to UAE residents holding a valid Emirates ID. Transactions are conducted solely in AED, with cryptocurrencies not permitted at this stage to ensure compliance with local regulations and maintain investor confidence. However, plans are in place to expand the platform globally in future phases, potentially opening the door to international investors seeking to tap into Dubai’s dynamic property market.

The project is a collaborative effort involving several key players. Prypco, a prominent Dubai-based real estate investment platform, and Ctrl Alt, a blockchain infrastructure firm, are the two companies currently licensed by VARA to participate in the pilot phase. Zand Digital Bank has been appointed as the banking partner, providing financial infrastructure for the initiative. The technical backbone of the project is built on the XRP Ledger (XRPL), selected for its fast transaction speeds, low fees, and compatibility with Dubai’s regulatory framework. Ctrl Alt has integrated its tokenization infrastructure directly with DLD’s systems, ensuring real-time synchronization between on-chain digital records and traditional government real estate ledgers. This dual-record system enhances transparency, mitigates risks of fraudulent transactions, and ensures that tokenized property deeds carry the same legal weight as conventional title deeds.

Mahmoud AlBurai, a senior advisor at the Dubai Land Department, highlighted the significant interest in the project, noting that over 3,000 investors have already expressed enthusiasm for the initiative. He emphasized that Dubai’s leadership is adopting next-generation financial technologies. The initiative aligns with the Dubai Economic Agenda (D33), launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which seeks to double the city’s economy by 2033 through technology-driven innovation. It also complements the Dubai Real Estate Sector Strategy 2033, prioritizing digital transformation and economic competitiveness.

Dubai’s entry into tokenized real estate is not a sudden development but rather the culmination of years of blockchain adoption by the DLD. As early as 2017, the department began exploring blockchain technology, piloting on-chain records for real estate contracts to streamline and digitize bureaucratic processes. In 2019, DLD launched a blockchain-based mortgage registration system, further demonstrating its commitment to integrating cutting-edge technologies into the real estate sector. The tokenized real estate project builds on these efforts, with the DLD and VARA formalizing an agreement in April 2025 to link Dubai’s real estate registry with property tokenization, a move announced in March to attract global investors and enhance market liquidity.

The choice of the XRP Ledger as the blockchain of choice underscores its reliability and stability, as noted by Ctrl Alt. The blockchain’s ability to facilitate fast, cost-effective transactions while adhering to regulatory standards aligns with Dubai’s vision of creating a secure and compliant tokenization framework. The firm said:

“The XRP Ledger’s decade-long track record in tokenizing and exchanging digital and real-world assets makes it an ideal fit for this initiative...”

Global real estate tokenization market over time. Source: Custom Market Insights

The tokenized real estate project is expected to have a transformative impact on Dubai’s property market. The DLD projects that by 2033, tokenized assets could represent 7% of the city’s total real estate transactions, equivalent to AED 60 billion ($16 billion). This growth is driven by the increasing global interest in real-world asset (RWA) tokenization, a trend that has gained traction among institutional investors and financial giants such as BlackRock, UBS Asset Management, and Franklin Templeton. Industry projections from firms like Ripple, BCG, and McKinsey suggest that the tokenized asset market could reach a multi-trillion-dollar valuation in the coming years, fueled by operational efficiencies and faster, cheaper settlements.

Investors participating in the Prypco Mint platform stand to benefit from both rental income and potential property value appreciation, with ownership legally registered by the DLD to ensure security and compliance. Property listings on the platform undergo rigorous regulatory review to verify pricing fairness, further bolstering investor confidence. The initiative is part of DLD’s broader Real Estate Evolution Space Initiative (REES), which promotes the integration of proptech and artificial intelligence into the real estate sector, positioning Dubai as a global leader in smart city innovation.

Dubai’s tokenized real estate project is not only a milestone for the MENA region but also a potential blueprint for other governments seeking to modernize their property markets. Combining blockchain technology with a robust regulatory framework helps Dubai to redefine property ownership, making it more accessible, transparent, and efficient. The project’s emphasis on fractional ownership allows investors to diversify their portfolios without the need for significant capital outlay, while the integration of digital and traditional ledgers ensures legal and operational integrity.

As the pilot phase progresses, additional licensed companies are expected to join Prypco and Ctrl Alt, further expanding the platform’s offerings. The global expansion of the Prypco Mint platform in future phases could attract a wave of international investors, reinforcing Dubai’s status as a premier destination for real estate investment. With over $295 million in assets already tokenized across various sectors as of May 2025, Dubai is well on its way to becoming a global hub for tokenized real estate and blockchain innovation.

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