Dubai Launches Tokenized Real Estate Platform Aiming For 7% Market Share By 2033

Dubai has launched its first government-backed tokenized real estate platform, marking a significant step in the city's ambition to digitize its thriving property market. The initiative, announced on May 25, is led by the Dubai Land Department (DLD) and aims to tokenize $16 billion worth of real estate by 2033, which represents approximately 7% of the total projected transactions in the region.

The platform, named Prypco Mint, was developed in collaboration with real estate fintech firm Prypco. It enables investors to purchase fractional ownership of Dubai properties starting at just 2,000 dirhams, or around $540. Currently, the platform supports transactions only in the local currency and is exclusively available to United Arab Emirates ID holders. However, DLD has plans to introduce global access and additional platform integrations in later phases.

Zand Digital Bank is providing banking services for the project, which operates 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 utilizes a tokenization infrastructure built by Ctrl Alt, which has chosen the XRP Ledger as the blockchain for anchoring digital property records. Ctrl Alt has directly integrated with DLD’s systems to ensure that blockchain entries are synchronized with Dubai’s traditional land registry.

Matt Ong, CEO and founder of Ctrl Alt, expressed pride in creating the tokenization infrastructure that enables DLD’s partners to offer fractional real estate to investors. He highlighted Dubai’s leadership in embracing next-generation financial technologies, signaling a powerful shift in the real estate market. DLD believes that tokenized real estate will make property ownership more accessible by lowering entry barriers through fractionalization. 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 plans to open the platform to international investors and broaden the scope of assets available in future updates. With 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. This initiative is part of Dubai’s larger strategy to establish 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. This service, unveiled during the Dubai Fintech Summit, allows 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 have indicated that “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.