Dubai real estate: DLD launches new property tokenisation project in Middle East's first
The initiative makes DLD the first real estate registration entity in the Middle East to implement tokenisation on property title deeds.
The project, introduced under the Real Estate Innovation Initiative 'REES', is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate.
Dubai real estate tokenisation market to hit $16bn by 2033
Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department said: 'Amid rapid technological advancements and the increasing reliance on digital solutions, real estate tokenisation emerges as a revolutionary tool driving fundamental change in the real estate sector.
'By converting real estate assets into digital tokens recorded on blockchain technology, tokenisation simplifies and enhances buying, selling, and investment processes. This aligns perfectly with Dubai Land Department's vision to achieve global leadership in real estate investment, leverage technology to develop innovative real estate products, and foster an ecosystem that supports real estate innovation.'
DLD forecasts that the real estate tokenisation sector will reach AED60 billion by 2033, representing 7 per cent of Dubai's total real estate transactions.
As part of the launch, DLD organised a workshop on 'Real Estate Tokenisation' with leading proptech companies.
'This pioneering project is part of the recently launched 'REES' Real Estate Innovation Initiative, designed to attract diverse technology firms. It aligns with our strategy to unlock new opportunities for innovative real estate products, enhance property sector innovation, promote transparency and governance, and enable a wider pool of investors to participate in large-scale real estate projects in Dubai,' he added.
Following the pilot launch this year, DLD will assess the outcomes to refine the project before full-scale implementation.
Dubai Land Department unveils fractional property ownership through tokenisation
The Real Estate Tokenisation Project aims to attract global technology firms and create new investment opportunities. It will diversify property ownership by allowing multiple investors to co-own properties through tokenised assets.
The initiative intends to strengthen Dubai's position as a regional and global hub for virtual assets while promoting investment awareness in virtual asset services. It also supports real estate innovation and contributes to attracting investments and virtual asset companies to Dubai.
Real estate tokenisation transforms assets into digital tokens using blockchain technology, with each asset divided into shares based on an investor's budget and financial strategy. This enables fractional property ownership, allowing investors to acquire portions of properties without full purchases.
The project supports the Dubai Economic Agenda D33, which prioritises digital solutions to build a smart economy driven by knowledge, innovation, and future technologies.
'We are pleased to collaborate with partners from both the public and private sectors to advance the real estate industry's digital ecosystem and enhance our operations' efficiency and effectiveness. Following this year's pilot launch, we will thoroughly assess the outcomes and leverage key insights to refine the project ahead of its full-scale implementation,' he concluded.
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