Dubai Land Department launches a blockchain platform using XRPL to offer tokenized property ownership.
Investors can now buy property shares in Dubai starting from AED 2000 through a secure digital system.
The new platform links blockchain records with official property titles for real-time ownership updates.
Dubai has launched a blockchain-based real estate investment project through the Dubai Land Department (DLD). The initiative introduces tokenized property ownership for the first time in the Middle East.
https://twitter.com/Cointelegraph/status/1926805560889893352 Tokenization Platform Goes Live
The DLD partnered with Ctrl Alt, a digital asset infrastructure company, to build a secure blockchain system. This platform enables investors to purchase fractional shares of properties. All transactions are recorded and verified on the public XRP Ledger.
The project is supported by the Virtual Assets Regulatory Authority (VARA), the Dubai Future Foundation, and PRYPCO. The platform, named PRYPCO Mint, is now live. It is available to anyone with a valid Emirates ID.
Accessible Investment Starting at AED 2,000
Investors can now buy into real estate with as little as AED 2,000. This reduces the traditional barriers of entry. The new model allows property ownership to be split into smaller, more affordable units.
Ctrl Alt developed the tokenization system to integrate directly with Dubai's official property registration. Any digital transaction reflects instantly in government records. This ensures that blockchain entries remain aligned with legal title deeds.
Secure Infrastructure With Government Support
Dubai is the first in the region to connect official property records with a blockchain-based system. The XRP Ledger, known for its stability and low costs, supports the project’s infrastructure. It has a long record of handling digital assets securely.
This framework aligns with Dubai’s Real Estate Sector Strategy 2033 and the Dubai Economic Agenda (D33). Both strategies focus on innovation, competitiveness, and increased investor access.
Projected Market Size of AED 60 Billion
The tokenized market is projected to grow significantly. Estimates suggest it could reach AED 60 billion by 2033. That would represent about 7% of all property transactions in Dubai.
The initiative forms part of a broader push to modernize the real estate sector. It introduces a secure, regulated, and transparent method for buying property shares.
Pilot Phase Begins With Regulatory Oversight
The Real Estate Evolution Space Initiative oversees the pilot. Dubai’s government property authority is now using public blockchain technology for property records. This is a first in the Middle East.
The platform only supports UAE EID holders for now. However, expansion is likely as the project matures. The system sets a regulatory-aligned framework for digital property ownership. Ripple acknowledged the launch, highlighting the use of the XRP Ledger.
