Dubai, one of the leading cities in the United Arab Emirates, has announced the launch of its first tokenized real estate platform, Prypco Mint.
Launch of Prypco Mint Platform
The platform, launched by the Dubai Land Department (DLD), is part of a government-backed program aimed at digitizing approximately $16 billion worth of real estate by 2033.
Prypco Mint was developed in collaboration with fintech firm Prypco and offers fractional ownership of Dubai real estate for a minimum investment of 2,000 dirhams (about $540). Currently, only Emirati ID card holders can invest in dirhams, but there are plans to open global access in the future.
Technical Infrastructure of the Project
The technological infrastructure of the project is provided by tokenization specialist Ctrl Alt. Ctrl Alt has established a synchronized structure with the state’s official registration systems by transferring real estate title deeds directly to the XRP Ledger blockchain network. Thus, title deeds are kept simultaneously in both traditional registration systems and on the blockchain.
Prospects of Real Estate Tokenization in Dubai
DLD predicts that real estate transactions through tokenization could reach 7% of the total market, approximately $16 billion, by 2033. Regulatory support is provided by the Central Bank of the UAE and organizations such as the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation's 'Real Estate Sandbox' program.
The tokenization of real estate in Dubai represents a significant step towards digitalization in the market, opening new investment opportunities.
