Dubai Launches Real Estate Tokenization Pilot, Projects $16B Market by 2033
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The Dubai Land Department has initiated a pilot program for real estate tokenization, becoming the first property registration authority in the Middle East to use blockchain technology for property title deeds.
Developed in collaboration with the Virtual Assets Regulatory Authority and Dubai Future Foundation, the initiative aims to convert real estate assets into digital tokens on blockchain, allowing for fractional ownership and easier transfers.
DLD Director-General Marwan Ahmed Bin Ghalita said the technology will “simplify and enhance buying, selling and investment processes” in local real estate.
The department projects tokenized real estate could represent 7% of Dubai’s total property transactions, reaching 60 billion dirhams ($16 billion) by 2033.
Industry experts see the move as transformative. “Tokenisation is no longer a concept. It’s a reality that will open up Dubai’s real estate market to a global pool of investors,” said Tokinvest CEO Scott Thiel.
- Defi
- RWA
