Dubai’s Instant Tokenised Real-Estate Sell-Out: A Global First

Dubai, United Arab Emirates — In a pioneering move that solidifies its status as a global innovator in property markets, the Dubai Land Department (DLD) in June unveiled that its second tokenised real-estate offering on the PRYPCO Mint platform sold out in an extraordinary 1 minute and 58 seconds, drawing 149 investors from 35 nations and generating a waiting list exceeding 10,700 eager applicants.

The Dubai Land Department (DLD) is driving innovation in property markets, spearheading the emirate’s real estate tokenisation initiative, which saw its latest PRYPCO Mint offering sell out in a record 1 minute and 58 seconds. (Photo: Government of Dubai)

What is Tokenised Real Estate — And How Does it Work?

Tokenised real estate leverages blockchain technology to transform a physical property — or its income streams — into digital tokens, enabling fractional ownership, enhanced liquidity, and streamlined transactions. These tokens may be fungible, dividing ownership into identical shares, or non-fungible tokens (NFTs) to represent sole ownership.

Technically and legally, tokenisation requires a robust link between the token and the underlying property, underpinned by transparent registries, smart contracts, and often regulatory oversight to ensure ownership legitimacy and governance.

Why Was Tokenisation Introduced in Dubai?

The Dubai Land Department launched the region’s first tokenised real estate investment project through PRYPCO Mint on May 25, 2025, in partnership with PRYPCO, the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, and the Dubai Future Foundation.

Its objectives align with the Dubai Real Estate Strategy 2033 and the Economic Agenda D33: democratising property ownership, increasing investor diversity, and accelerating digital transformation across the sector. Notably, tokenised assets are projected to represent 7% of Dubai’s real estate market by 2033, translating into an estimated AED 60 billion (~USD 16 billion) in value.

Tokenisation allows investors to participate with as little as AED 2,000, significantly lowering entry barriers (dubailand.gov.ae). The first tokenised project — a two-bedroom apartment in Business Bay — was fully funded in one day, attracting 224 investors from over 40 nationalities, with an average investment of AED 10,714.

Is It Being Explored Elsewhere?

Globally, tokenized real estate is emerging across a range of markets. In the United States, platforms such as Lofty, RealT, and HouseBit enable fractional real-estate ownership via tokens, with Lofty having tokenised over 180 properties to date.

In India, the GIFT City financial hub supports regulated real-estate tokenisation frameworks, while a first USD 7 million tokenised fund launched by Terazo/Tokeny allows secondary investors to enter with as little as USD 1,000.

Luxembourg has introduced a compliant framework under MiCA (Markets in Crypto-Assets Regulation) for tokenising real-estate economic rights, integrating with land registries via notarised agreements.

In Indonesia, CoFund has deployed a USD 10 million tokenisation project on a Bali hotel, offering fractional investments starting at USD 1,000. These examples illustrate that while tokenization is being adopted in several jurisdictions, the scale, regulatory integration, and investor uptake vary significantly from market to market.

Dubai’s Lead: How Far Ahead Is It?

Dubai stands out in both speed of adoption and institutional backing. While others pursue pilots or limited projects, Dubai's model is fully licensed, integrated with the land registrar, and supported by central regulatory bodies. The one minute and 58 seconds sell-out sets a clear world record — a speed matched by no other major real-estate market so far.

Dubai’s skyline reflects a property market at the forefront of innovation, with the record sellout of a tokenised real estate project marking a new era of accessibility and global investor confidence. (Photo: Denys Gromov)

Moreover, with projections of AED 60 billion of tokenised assets by 2033, Dubai plans a systemic shift in real-estate market structure. In contrast, tokenised real-estate in the US and elsewhere remains relatively niche.

Scope for Application in Other Contexts

The benefits of tokenisation — liquidity, fractional ownership, efficiency, and transparency — are universal. As global real-estate markets face affordability and accessibility challenges, tokenisation offers potential to unlock capital and democratise participation.

Successful replication in other jurisdictions would depend on the establishment of clear regulatory frameworks, as seen in Luxembourg and India, the development of technical infrastructure including blockchain platforms, registries, and smart contracts, and the cultivation of investor education and trust to mitigate liquidity constraints or cyber-risks associated with blockchain-based assets.

Cities with high costs of entry, such as London, New York, or Singapore, could particularly benefit — provided compliance, market readiness, and technological capacity are in place.

The Dubai Blueprint

Dubai’s record-setting tokenised real-estate offering — funded in under two minutes and drawing global investors — represents a world-first both in speed and institutional integration. Tokenised real-estate, by converting property rights into digital tokens, enables fractional ownership, greater liquidity, and enhanced accessibility.

Dubai’s comprehensive and regulated platform, PRYPCO Mint, places it firmly ahead of other markets. As the global sector grapples with scaling tokenized real estate, Dubai’s model offers a powerful blueprint for expansion and innovation across diverse urban and regulatory environments.