Real Estate Dubai issues Middle East’s first tokenised property certificate By Chris Hamill-Stewart May 30, 2025, 5:34 PM Alamy via Reuters Dubai City residential houses. With tokenised assets projected to represent up to 7% of its real estate market by 2033, Dubai is pioneering the digital transformation of property ownership Blockchain real estate begins Successful Dubai pilot phase Future market shift Dubai has issued its first tokenised property certificate, moving tokenisation of real estate from the realm of theory to practice. Tokenisation is the process of creating and trading digital tokens that are backed by real-world assets on a blockchain. It enables direct and verifiable peer-to-peer transactions. The certificate’s launch follows the successful sale of the first tokenised real estate project on the Prypco Mint platform, which is licensed by Dubai’s Virtual Assets Regulatory Authority (VARA). The launch attracted 224 investors, with the average individual investment amounting to AED 10,714 ($2,900). It is the first project launched under the Real Estate Tokenization Initiative, a collaboration between VARA, the UAE Central Bank, and the Dubai Future Foundation. Exchanges were made in Emirati Dirhams because the project is in its pilot phase. From horses to houses: the march of UAE tokenisation Dubai moves to formalise real estate tokenisation Damac to tokenise $1bn in real estate While the exchange of tokens representing real-world assets on the blockchain has long been possible, the land department certificate provides a legal affirmation of ownership for assets purchased on the blockchain. The Dubai Land Department is working to enable further real estate developers to list their projects on the Prypco Mint platform. Tokenised assets are projected to represent up to 7 percent of Dubai’s real estate market by 2033. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
