Dubai has launched its first government-supported tokenized real estate platform, which, according to an announcement from May 25, represents a significant step in the city's ambition to digitalize its thriving real estate market.
The initiative is led by the Dubai Land Department (DLD) and aims to tokenize properties worth $16 billion by 2033, representing approximately 7% of the total planned transactions.
The platform, named Prypco Mint, was developed in collaboration with real estate fintech firm Prypco. It allows investors to purchase shares in properties in Dubai starting from 2,000 dirhams, which is roughly $540.
The platform currently supports transactions only in the local currency and is available exclusively to holders of identification cards in the United Arab Emirates. DLD stated that global access and further integration of the platform will be introduced in later phases.
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