Dubai has launched the pilot phase of the Real Estate Tokenisation Project which aims to attract international technology firms, open new investment channels, and diversify property ownership by enabling multiple investors to co-own a single asset through tokenised real estate.
Announced by the Dubai Land Department (DLD), the initiative makes Dubai the first real estate registration entity in the Middle East to implement tokenisation on property title deeds.
The project is expected to drive substantial growth in Dubai’s real estate tokenisation sector, which is projected to reach $9.8bn by 2033 – equivalent to 7% of the emirate’s total real estate transactions.
The initiative is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF) through SandBox Real Estate.
Gulf Economist Staff Writer