Dubai Becomes First in Middle East to Launch Government-Backed Real Estate Tokenization
Dubai has officially become the first city in the Middle East to roll out a government-backed real estate tokenization platform. Spearheaded by the Dubai Land Department (DLD) in partnership with Prypco Mint, this pilot initiative is poised to reshape how property investment works in the region.
A New Era of Property Ownership with Blockchain
This forward-thinking initiative introduces real-world asset (RWA) tokenization, which allows property deeds to be placed on the blockchain. Through this digital system, investors can buy fractional ownership in Dubai real estate starting from just AED 2,000 ($545).
The project is the result of a strategic collaboration between Dubai Land, Prypco, and Ctrl Alt Solutions, and is regulated by both the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the UAE. For now, only UAE ID holders can access the platform, although international expansion is on the roadmap.
Unlike many blockchain projects, this tokenization pilot is conducted in UAE Dirhams, not cryptocurrency. The underlying blockchain infrastructure is built on the XRP Ledger, ensuring both speed and scalability.
Market Transformation Driven by Tokenization Technology
Prypco, a known name in the Dubai real estate app market, is one of the primary partners, aiming to democratize property investment. The second major player, Ctrl Alt, is a UK-based startup that has also participated in the UK’s Digital Securities Sandbox, working alongside global asset managers like SEI, which manages trillions in assets.
As of May 2025, Ctrl Alt has successfully tokenized over $295 million worth of assets across multiple sectors.
Seamless Integration Between Digital and Traditional Real Estate
Ctrl Alt has developed a direct integration with Dubai Land Department, ensuring that both digital tokens and traditional property records remain in sync. This allows for a fully transparent tokenization model that complies with local property laws and reinforces investor trust.
In Line with Dubai’s Vision for 2033
Dubai Land Department has been exploring blockchain-based solutions since 2019, when it introduced a mortgage registration system on blockchain. This latest tokenization effort aligns with Dubai’s Real Estate Sector Strategy 2033 and the Dubai Economic Agenda, both of which emphasize the use of digital technologies to improve economic performance and global competitiveness.
Projections from the DLD indicate that tokenized real estate assets could account for 7% of Dubai’s property market by 2033, representing an estimated AED 60 billion ($16 billion) in value.
Regional Interest in Tokenized Assets Expands
In a related update, the Qatar Financial Centre also hinted at similar ambitions by suggesting the tokenization of high-rise buildings in Qatar, demonstrating the growing regional interest in blockchain-powered real estate solutions.
Conclusion:
Dubai is setting a regional and global precedent in the field of real estate tokenization. With strong government backing, strategic tech partnerships, and a vision aligned with national growth agendas, the city is not only embracing blockchain but also pioneering a more inclusive and digital property investment future.
