Catenaa, Sunday, June 01, 2025-The Dubai Land Department last week launched the city’s first government-backed tokenized real estate platform, aiming to digitize $16 billion worth of property by 2033 and lower the barriers to property investment in one of the world’s most lucrative real estate markets.
Announced May 25, the platform-dubbed Prypco Mint- is developed in partnership with fintech firm Prypco and integrates directly with Dubai’s land registry.
The system allows fractional property ownership beginning at 2,000 dirhams, or approximately $540, currently available only to United Arab Emirates ID holders.
The initiative is under the regulatory oversight of the UAE Central Bank, Dubai’s Virtual Assets Regulatory Authority and the Dubai Future Foundation, and will expand globally in future phases.
Zand Digital Bank is providing banking infrastructure, while Ctrl Alt built the blockchain architecture, anchoring digital property records on the XRP Ledger.
Over 3,000 investors have already registered interest, signaling strong early demand. Officials say tokenization will enhance transparency and access by unifying blockchain-based and traditional registry records.
The plan aligns with Dubai’s broader ambition to lead in digital finance. Earlier this month, the city inked a deal with Crypto.com to enable crypto payments for government services, supporting its target of achieving 90% cashless transactions by 2026.
Analysts from Ripple, BCG and McKinsey predict the tokenized asset market will grow to trillions of dollars globally, with Dubai positioned to capture a significant share.
