Dubai Land Department has launched the pilot phase of a tokenised real estate platform

A tokenized real estate platform has been introduced by the Dubai Land Department (DLD), enabling people to purchase high-end Dubai real estate for as little as Dh2,000. Using the Prypco Mint platform, the project is the first of its sort in the area. Through the Real Estate Sandbox, it was launched in collaboration with the Dubai Future Foundation (DFF), the Central Bank of the United Arab Emirates (CBUAE), the Virtual Assets Regulatory Authority (Vara), and Prypco. As the banking partner, Zand Digital Bank has been chosen.

The program enables users to buy a stake in a prestigious real estate project in Dubai and make returns. Only UAE Emirates ID holders may currently access it, but in the future, more platforms will be connected as part of the project's global expansion.

With tokenized shares of ready-to-own properties in Dubai starting at just Dh2,000, the concept provides individuals with investing alternatives. During the pilot phase, no cryptocurrency is used; all transactions are conducted only in UAE dirhams.

In order to provide complete transparency and well-informed decision-making, the platform gives investors access to detailed property details, including pricing, risk considerations, technical specifications, and the minimum investment needed.

Tokenization is only allowed by Vara-licensed businesses, and the project's initial phase is restricted to ready-to-own homes only. The Dubai Land Department is in charge of examining and confirming that real estate prices are reasonable before approving any listing on the marketplace. Prypco and Ctrl Alt are the only two approved businesses in the pilot phase; future plans call for the market to be opened to more eligible businesses.

The project is run by DLD and Vara to maintain openness, and the Central Bank will supervise the formation of corporate accounts connected to real estate tokenization via the Client Money Account (CMA) system. To provide maximum transparency and improve security, investors' money is deposited into the CMA and not moved to the tokenization business until the buying process is over.