Dubai pioneers blockchain in real estate with XRPL, enabling secure, on-chain tokenization and compliant fractional ownership access.
The DLD and Ctrl Alt integration ensures real-time sync between digital tokens and traditional ledgers, boosting investor confidence.
With PRYPCO Mint, investors can co-own property from AED 2,000, targeting a $16B tokenized market by 2033 under Dubai’s D33 vision.
Dubai’s real estate market just took a leap into the future. The Dubai Land Department (DLD), in partnership with Ctrl Alt, launched the Real Estate Tokenization Project. This initiative uses the XRP Ledger (XRPL) to tokenize property title deeds on-chain, making Dubai the first in the Middle East to deploy public blockchain for property registration. Moreover, the project aligns with the Real Estate Evolution Space Initiative (REES), supporting the goals of Dubai’s 2033 Real Estate Strategy and the broader Dubai Economic Agenda (D33).
Ctrl Alt, the designated tokenization provider, has built a robust framework for minting and structuring digital real estate assets. Hence, this framework ensures compliance with local regulations while integrating traditional and blockchain-based systems. The project uses PRYPCO Mint, a platform enabling fractional real estate ownership with a starting investment of AED 2,000.
XRP Ledger Selected for Stability and Scalability
The XRP Ledger, a decentralized layer 1 blockchain, powers the entire framework. Moreover, XRPL is known for its high performance, low transaction costs, and over a decade of consistent uptime. This makes it an ideal choice for tokenizing real-world assets like real estate. Consequently, the integration with XRPL enhances transparency, security, and real-time synchronization with Dubai’s official land registry.
Additionally, Ctrl Alt has connected directly with DLD systems, ensuring seamless coordination between physical and digital property records. This move establishes a secure and transparent environment for investors while reinforcing trust in blockchain adoption within government frameworks.
Fractional Ownership Opens New Opportunities
Besides streamlining property transactions, the project democratizes real estate investment. It allows multiple investors to co-own high-value properties, removing traditional entry barriers. Moreover, this initiative is projected to help grow a tokenized property market worth AED 60 billion ($16 billion) by 2033, or 7% of Dubai’s total property transactions. Matt Ong, CEO of Ctrl Alt, highlighted Dubai’s global leadership in financial innovation. He emphasized the pilot as a signal of more blockchain-based advancements to come.
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