Dubai Launches Real Estate Tokenization Project on XRPL

• DLD partners with Ctrl Alt to launch a blockchain-based real estate tokenization project.
• Investors can buy fractional property shares from AED 2,000 using the PRYPCO Mint platform.
• Over 3,000 UAE residents registered for the project, expected to reach AED 60B in value by 2033.

Dubai has launched a new real estate tokenization project using blockchain technology to attract digital investors and modernize property ownership. The project is spearheaded by the Dubai Land Department (DLD) in collaboration with Ctrl Alt, with support from the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation.

With the initiative, users can purchase shares of real estate using the XRP Ledger (XRPL) blockchain. This is the first time property deeds are registered on a public blockchain in the Middle East. Those interested can take part in the offering by registering on PRYPCO Mint, with a minimum entry requirement of AED 2,000.

To join, investors must hold a valid Emirates ID. This makes the platform currently open only to UAE residents. Despite this limit, over 3,000 investors have registered. Mahmoud AlBurai, a senior DLD executive, confirmed the figure through LinkedIn.

Ctrl Alt is responsible for linking Dubai’s traditional real estate records with the digital ledger. This ensures dual management of ownership records for added security. The blockchain enables fast tracking, legal assurance, and transparency of ownership.

DLD launched the pilot on March 16. It began by tokenizing government-owned real estate properties. The aim is to offer fractional ownership to multiple individuals. This reduces the high cost of entering Dubai’s real estate market.

The organization decided to use Ripple’s XRPL platform for the pilot. This is a key step forward for Ripple as it tries to bring real-world asset tokenization into market use. Ripple has invested millions into tokenized assets and continues to build use cases on XRPL.

Matt Ong, CEO of Ctrl Alt, expressed satisfaction with the collaboration. He said the project supports wider investment participation in the real estate market.

Related: Dubai Finance Partners with Crypto.com for Crypto Payments

The project forms part of Dubai’s Real Estate Evolution Space Initiative (REES). It also supports the Dubai Economic Agenda (D33) and the Real Estate Sector Strategy 2033. Authorities project the tokenized market could reach AED 60 billion ($16 billion) by 2033. That would make up nearly 7% of Dubai’s annual property sales.

The UAE Central Bank is also playing a role in the project, raising confidence among investors. As a result, this opens up new opportunities for regional digital property investors. The platform is already live, and eligible investors can now mint property tokens. Dubai is positioning itself as a global hub for real estate innovation and blockchain adoption.

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