Dubai Launches Tokenized Real Estate Platform, Eyes $16B in Property Digitization by 2033

Dubai has launched its first government-backed tokenized real estate platform, indicating a major step in the city’s ambition to digitize its booming property market according to an announcement made on May 25.

The initiative is led by the Dubai Land Department (DLD) and plans to tokenize $16 billion worth of real estate by 2033, or about 7% of total projected transactions.

Prypco Mint Debuts as Dubai’s First Official Tokenized Real Estate Platform

The platform, called Prypco Mint, was developed in partnership with real estate fintech firm Prypco. It allows investors to buy fractional ownership of Dubai properties starting at just 2,000 dirhams, or around $540.

For now, the platform supports transactions only in the local currency and is available exclusively to United Arab Emirates ID holders. DLD said global access and additional platform integrations will be introduced in later phases.

Zand Digital Bank is providing banking services, while the project is operating under the oversight of the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation through its Real Estate Sandbox.

The platform uses a tokenization infrastructure built by Ctrl Alt. The company chose the XRP Ledger as the blockchain for anchoring digital property records.

Ctrl Alt said it has directly integrated with DLD’s systems to keep the blockchain entries synchronized with Dubai’s traditional land registry.

“We are proud to create the tokenization infrastructure that enables DLD’s partners to offer fractional real estate to investors,” said Matt Ong, CEO and founder of Ctrl Alt. “Dubai’s leadership in embracing next-generation financial technologies is truly world-class, and this project is a powerful signal of what’s to come.”

DLD believes tokenized real estate will make property ownership more accessible by lowering entry barriers through fractionalization. The agency said over 3,000 investors have already expressed interest in the platform.

Tokenization, which uses blockchain to move and record ownership of traditional assets like real estate, is gaining traction globally. Analysts from Ripple, BCG, and McKinsey have projected that the tokenized asset market could reach multiple trillions of dollars in the coming years.

DLD said future updates will open the platform to international investors and broaden the scope of assets available. With the digital records directly tied to the government’s property ledger, the system will support both on-chain and off-chain transactions in a unified structure.

If the plan unfolds as expected, Dubai’s tokenization efforts could drive $16 billion in real estate activity within the next decade, reshaping how property is bought, sold, and owned in one of the world’s most dynamic real estate markets.

Dubai Deepens Digital Finance Push with Stablecoin

Dubai’s tokenized real estate initiative marks just one piece of the emirate’s larger strategy to entrench itself as a global hub for regulated digital finance.

On May 12, Dubai’s Department of Finance (DOF) signed a deal with global crypto exchange Crypto.com to facilitate crypto payments for government services.

The service, unveiled during the Dubai Fintech Summit, will allow users to pay fees using digital assets, with transactions converted into dirhams and deposited directly into DOF accounts.

While specific tokens haven’t been confirmed, officials say “stable cryptocurrencies” will be supported, pointing to an expanding role for stablecoins in the region’s digital payment infrastructure.

This move aligns with Dubai’s Cashless Strategy, which targets 90% cashless transactions across sectors by 2026. Already, 97% of government payments were made digitally in 2023.

Meanwhile, Abu Dhabi institutions are backing a dirham-pegged stablecoin, and regulators are building frameworks to support tokenized assets.

On March 17, 2025, the DFSA launched a Tokenization Regulatory Sandbox under its Innovation Testing License, allowing firms to trial digital investment products within the DIFC.

As European regulation tightens, global firms are turning to the UAE. Ripple, which sees a fifth of its user base in the Middle East, is doubling down on enterprise services in the region following its recent license approval.

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