XRP Ledger selected for Dubai real estate tokenization
Dubai tokenizes real estate using XRPL
Dubai’s pioneering real estate tokenization initiative has already attracted over 3,000 registered investors, according to Mahmoud AlBurai, a senior official at the Dubai Land Department (DLD).
This information was shared in his recent LinkedIn post and highlights the strong level of interest in the first tokenized real estate project in the Middle East and North Africa (MENA) region, according to Mitrade.
As part of the pilot program launched on March 16, the DLD partnered with Prypco Mint and Ctrl Alt to tokenize ownership certificates of government-owned real estate properties. The project offers fractional ownership opportunities to participants, currently limited to official UAE residents holding an Emirates Card. Despite this restriction, the high number of registrations reflects strong market interest.
Regulatory support and XRPL adoption
The involvement of regulatory authorities plays a crucial role in building investor confidence. In addition to the DLD, key UAE institutions such as the Dubai Future Foundation, the Virtual Assets Regulatory Authority (VARA), and the Central Bank of the UAE are actively engaged in the initiative. Their participation strengthens trust and sets a regulatory benchmark for future projects of this nature.
Notably, the XRP Ledger (XRPL) from Ripple was selected as the blockchain infrastructure for the pilot tokenization phase. This is a significant step for XRPL, which has seen less frequent use compared to other leading blockchain platforms. Ripple has been a vocal advocate of real-world asset (RWA) tokenization, investing in tokenized funds and treasury instruments. This new project may boost XRPL’s appeal among institutional players.
Market potential and geopolitical context
According to DLD projections, Dubai’s tokenized real estate market could reach $16 billion by 2033, thanks to the transparency, efficiency, and accessibility provided by blockchain technology. Already, approximately $3 billion worth of real estate assets have been tokenized in the UAE, positioning the Emirates as a potential global leader in this field.
Amid increasing global regulatory scrutiny of private tokenization projects — such as the recent SEC lawsuit against Unicoin — Dubai’s state-backed model could emerge as a safer, more credible alternative. With institutional support and a clear legal framework, the UAE has the potential to become a global reference point for real estate tokenization.
It’s worth noting that the Dubai Land Department previously announced a memorandum of understanding (MoU) with VARA to develop a real estate registration system that incorporates tokenization.
