Dubai government launches initiative to tokenise property deeds
Dubai Land Department launches real estate tokenization pilot project.
In a bold move aligned with the Dubai Real Estate Sector Strategy 2033, the Dubai Land Department (DLD) has launched the pilot phase of its “Real Estate Tokenization Project for property title deeds.”
This pioneering initiative, introduced under the Real Estate Innovation Initiative (REES), positions the DLD as the first real estate registration authority in the Middle East to apply blockchain tokenization to property title deeds, reports Cryptopolitan.
The project aims to digitize title deeds, streamlining processes for buying, selling, and investing in real estate assets, while significantly enhancing transparency and governance.
Strategic Collaboration and Growth Projections
The project is being executed in close collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF) through SandBox Real Estate. This strategic partnership is expected to drive substantial growth in the real estate tokenization sector, with market value forecasts reaching $16 billion by 2033—equating to 7% of Dubai’s total real estate transactions.
“Real estate tokenization is a revolutionary tool that will change the sector,” stated His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of the DLD, underscoring the transformative potential of converting traditional property assets into digital tokens.
Unlocking New Opportunities for Investors
By embracing digital tokenization, Dubai aims to unlock new opportunities for innovative real estate products and broaden the pool of investors participating in large-scale projects. The DLD’s initiative reflects the UAE’s growing focus on tokenization, complementing recent announcements from major market players such as DAMAC Group and MantraChain, which have moved to tokenize significant asset portfolios.
As the regulatory framework and digital infrastructure continue to evolve, this initiative not only enhances efficiency in property transactions but also paves the way for increased investor confidence and participation in Dubai’s dynamic real estate market.
Recently we wrote, that Emirates NBD, the largest bank in Dubai, has announced a partnership with Aquanow, a company specializing in digital assets. This collaboration allows the bank to offer cryptocurrency services through its digital platform.
