Latest news with #RealEstateTokenisationInitiative
Al Etihad
11-06-2025
- Business
- Al Etihad
Dubai's second tokenised apartment sells out in under two minutes
11 June 2025 22:14 ISIDORA CIRIC (ABU DHABI)The UAE's second tokenised property listing fully sold out in one minute and 58 seconds on Wednesday, confirming the country's growing appetite for digital real estate ownership. The apartment, listed on PRYPCO Mint, drew in 149 investors from 35 nationalities and pushed the platform's waitlist to more than 10, on June 11, the one-bedroom apartment in Dubai's upscale Kensington Waters, Mohammed Bin Rashid City, was listed at Dh1.5 million, below its estimated market value of Dh1.875 million. The discounted price gave investors an immediate equity advantage, with shares available for as little as Dh2, launch is part of a broader Real Estate Tokenisation Initiative by the Dubai Land Department (DLD), aimed at making property ownership quicker and more traditional real estate investment, tokenised property allows buyers to own digital shares in a physical property. The concept is simple: instead of buying an entire apartment, investors purchase fractional shares - represented as digital tokens - linked to a real, registered property in Dubai. These shares are issued on blockchain infrastructure and represent a portion of the underlying asset, which can then be bought, sold, or model lowers the barrier to entry and opens up the property market to a more diverse group of investors, including first-time buyers and tech-savvy millennials. Currently, the platform is available to UAE residents holding valid Emirates IDs, though it is expected to open access to international investors in future transactions on the PRYPCO Mint platform are carried out in UAE dirhams, with no cryptocurrencies accepted during the pilot phase. Investors receive official Property Token Ownership Certificates issued by the DLD, providing a layer of formal recognition and regulatory Kensington Waters sale follows the success of PRYPCO Mint's debut property, a two-bedroom apartment in Business Bay listed on May 25. Valued at Dh2.4 million - below its DLD valuation of Dh2.89 million - the offering was fully funded in under 24 hours by 224 investors from over 40 countries, with an average contribution of Dh10, a statement preceding the second launch, Amira Sajwani, Founder and CEO of PRYPCO, said the strong uptake is proof of a growing appetite for alternative real estate models."The incredible response to our first tokenised property proved that investors are ready for a smarter, more accessible way to invest in real estate. With our second property, we're continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience," he said on Tuesday. Behind the scenes, the initiative is supported by the Virtual Assets Regulatory Authority (VARA), the UAE Central Bank and the Dubai Future Foundation. It operates under the Real Estate Sandbox, a framework designed to enable innovators to test their products, services, and business models under adaptive regulatory supervision. Zand Bank serves as the official banking partner, while blockchain infrastructure is managed by Ctrl Alt, using the XRP Ledger.
Dubai Eye
31-05-2025
- Business
- Dubai Eye
Dubai's new real estate tokenised platform draws 6,000+ to waitlist
The Dubai Land Department (DLD) has issued its first Property Token Ownership Certificate, a blockchain-based document that formalises fractional ownership of real estate in the emirate. This follows the quick sell-out of the first tokenised property on the Prypco Mint platform, completed within just one day of launch. The platform, licenced by the Virtual Assets Regulatory Authority (VARA) and created in partnership with the DLD, allows individuals to invest in real estate using tokenisation - a process that divides a property into smaller, affordable digital shares. These shares can be purchased by investors, opening the door to property ownership without needing to buy an entire unit. The initiative has already attracted 224 investors, with 70 per cent investing in Dubai's real estate market for the first time. Participants came from 44 nationalities, and the average investment per person was approximately AED 10,714. Interest in the platform continues to grow, with over 6,000 people currently on the waitlist. This project is part of the Real Estate Tokenisation Initiative, supported by the Central Bank of the UAE and the Dubai Future Foundation, and developed through Real Estate Sandbox. By making real estate more accessible, this initiative aims to expand the investor base, speed up transactions, and enhance transparency, aligning with long-term goals under the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. Looking ahead, the DLD is working to allow more real estate developers to list their projects on Prypco Mint — a move that could further reshape how people invest in property, both in the UAE and beyond.
ARN News Center
30-05-2025
- Business
- ARN News Center
Dubai's new real estate tokenised platform draws 6,000+ to waitlist
The Dubai Land Department (DLD) has issued its first Property Token Ownership Certificate, a blockchain-based document that formalises fractional ownership of real estate in the emirate. This follows the quick sell-out of the first tokenised property on the Prypco Mint platform, completed within just one day of launch. The platform, licenced by the Virtual Assets Regulatory Authority (VARA) and created in partnership with the DLD, allows individuals to invest in real estate using tokenisation - a process that divides a property into smaller, affordable digital shares. These shares can be purchased by investors, opening the door to property ownership without needing to buy an entire unit. The initiative has already attracted 224 investors, with 70 per cent investing in Dubai's real estate market for the first time. Participants came from 44 nationalities, and the average investment per person was approximately AED 10,714. Interest in the platform continues to grow, with over 6,000 people currently on the waitlist. This project is part of the Real Estate Tokenisation Initiative, supported by the Central Bank of the UAE and the Dubai Future Foundation, and developed through Real Estate Sandbox. By making real estate more accessible, this initiative aims to expand the investor base, speed up transactions, and enhance transparency, aligning with long-term goals under the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. Looking ahead, the DLD is working to allow more real estate developers to list their projects on Prypco Mint — a move that could further reshape how people invest in property, both in the UAE and beyond.
Gulf Insider
30-05-2025
- Business
- Gulf Insider
Dubai Takes Major Tokenised Real Estate Project
The Dubai real estate sector leading the world again as tokenised property sells out and new ownership certificate launched. Dubai Land Department has launched the world's first Property Token Ownership Certificate, following the successful sale of the first tokenised real estate project on the 'Prypco Mint' platform — licensed by VARA — within just one day of launch. This milestone further reinforces Dubai's position as a global leader in real estate innovation and digital transformation. The first project launched under the Real Estate Tokenisation Initiative attracted 224 investors, 70 per cent of whom entered Dubai's real estate market for the first time. This highlights strong investor confidence and the accessibility provided by flexible, low-cost digital solutions. Investors represented 44 nationalities, and the average individual investment amounted to AED10,714 ($2,917). As the region's first platform of its kind, the initiative continues to draw significant interest, with the waitlist exceeding 6,000 requests. This surge in demand reflects Dubai's growing appeal to new segments of global investors seeking innovative and accessible property ownership models. Dubai Land Department developed the Real Estate Tokenisation project in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. It is being executed through Prypco Mint. The initiative aims to broaden the real estate investor base while enhancing transparency and accelerating transaction processes, aligning with the Dubai Real Estate Strategy 2033 goals and the Dubai Economic Agenda D33. Dubai Land Department is currently working to enable real estate developers to list their projects on the platform, further expanding the initiative's scope and unlocking new opportunities for digital property investment. Also read: Dubai Metro Blue Line Set To Ease Traffic Congestion In The City
