Dubai Introduces Its First Property Token Ownership Certificate
Dubai has introduced what it calls “the world’s first property token ownership certificate.” This came after the first tokenized real estate project was sold in one day on the Prypco Mint platform.
Project Details
The first project under the Real Estate Tokenization Initiative had 224 investors. About 70% of them bought property in Dubai for the first time, the Dubai Land Department (DLD) said on Thursday.
These individual investors came from 44 different countries. They bought tokenized shares of properties that are ready to move into, paying an average of $2,917 (AED 10,714) each.
The Real Estate Tokenization project was created by DLD together with the Virtual Assets Regulatory Authority (VARA), the UAE central bank, and the Dubai Future Foundation (DFF). They worked on this through the Real Estate Sandbox.
The project is running on the Prypco Mint platform, which is licensed by VARA, DLD said.
Big Numbers
Dubai’s real estate token market is expected to grow to $16.3 billion (AED 60 billion) by 2033. This will be about 7% of all property deals in Dubai, according to government estimates.
Agenda D33
The project aims to get more people to invest in real estate, make the process clearer, and make transactions easier. This fits with Dubai’s Real Estate Strategy 2033 and the Dubai Economic Agenda D33.
In October, Dubai revealed its Real Estate Sector Strategy 2033. It wants to double the money the sector adds to the economy, help more people own homes, and improve transparency using data and technology.
Key goals are to double the sector’s economic impact to about $19.9 billion (AED 73 billion), increase property deals by 70%, and reach a market value of $272 billion (AED 1 trillion) by 2033. The plan also wants to grow real estate investments 20 times, reaching $5.5 billion (AED 20 billion).
Possible Price Drop
Fitch Ratings warned that Dubai’s property prices could drop by up to 15% in late 2025 and 2026. This is because many new homes (210,000 units) will be available—twice as many as in the last three years.
Published: 30th May 2025
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