The Dubai Land Department (DLD) has launched a groundbreaking initiative, introducing the Middle East’s first government-supported property deed tokenization project, the Gulf News reported. Utilizing the XRP Ledger, this pioneering endeavor aims to enhance transparency and make fractional digital real estate ownership accessible to a global investor base, aligning with Dubai’s broader push for blockchain-based property transactions.
Developed in collaboration with Ctrl Alt, the project seamlessly integrates blockchain technology into Dubai’s existing land registry system. This innovation is set to unlock new investment opportunities with significantly reduced entry barriers and robust regulatory backing, marking a pivotal moment for digital assets within the real estate sector.
Dubai is actively positioning itself at the forefront of digital innovation in real estate. Through its partnership with Ctrl Alt, the DLD is facilitating the full digitalization of property ownership. This allows investors to acquire fractions of real estate for as little as AED 2,000 (approximately $544) via the PRYPCO Mint platform, thereby broadening global access to Dubai’s real estate market.
Looking ahead, Dubai projects the value of tokenized property to reach AED 60 billion (around $16 billion) by 2033, representing 7% of total real estate transactions. The DLD’s direct involvement ensures stringent regulatory oversight, a key factor in attracting both international buyers and institutional investors.
Unlike previous real estate blockchain trials, Dubai’s strategy places a strong emphasis on compliance and credibility. With blockchain-aligned deed records, investors gain clear insight into their acquisitions, while regulators maintain direct supervision from the outset.
