Dubai signs deal to tokenize property registration
Tokenizing real estate in practice
Dubai real estate and cryptocurrency regulators have signed a cooperation agreement to explore the use of tokenization in property registration and management.
On Sunday, the Dubai Land Department announced it had signed a memorandum of understanding (MoU) with the Dubai Virtual Assets Regulatory Authority (VARA) to develop a real estate registration management system that incorporates tokenization.
Tokenizing real estate in practice
Officials stated that such a system would boost market liquidity, improve the efficiency of property management companies, and make it easier for smaller investors to access the real estate market.
Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism, said that the partnership with VARA aligns with the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda (D33), both of which aim to reinforce Dubai’s global leadership in one of its most vital sectors.
The agreement follows a successful pilot project focused on real estate tokenization, according to local authorities.
As we wrote, 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.”
