The Dubai real estate market reached nearly $400 million in tokenized real estate sales amidst major institutional changes, including the inclusion of RWA in VARA's guidelines and the launch of the government-supported RWA DLD platform.
The Dubai real estate market recorded over $399 million in tokenized real estate sales in May, accounting for 17.4% of total transactions. This milestone coincided with a broader boom in the real estate market, with total real estate sales reaching 66.8 billion dirhams (approximately $18.2 billion) across 18,700 transactions, according to data presented by Cointelegraph.
This sales milestone occurred immediately after significant regulatory and institutional changes aimed at promoting real estate tokenization in Dubai. On May 19, the Virtual Assets Regulatory Authority, the city's crypto regulator, updated its guidelines to officially include the tokenization of real assets.
Additionally, on May 25, the Dubai Land Department, in collaboration with the UAE Central Bank and the Dubai Future Foundation, launched a regional tokenized real estate platform that allows investors to acquire fractional ownership in the secondary real estate market.
#Market Rebound, #Сryptomarketnews
So, dear readers? Have you managed to buy yourself a piece of "tokenized Dubai" ... ??! 🤔
