Dubai Land Department (DLD) has launched the pilot phase of the ‘Real Estate Tokenisation Project,’ an initiative, introduced under the Real Estate Innovation Initiative ‘REES’.
The pilot phase of the Real Estate Tokenisation Project establishes DLD as the first real estate registration entity in the Middle East to implement tokenization on property title deeds.
The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate.
DLD anticipates that this groundbreaking ‘Real Estate Tokenisation Project’ will drive significant growth in the real estate tokenization sector, with its market value projected to reach $16 billion by 2033, representing 7 percent of Dubai’s total real estate transactions.
As part of this initiative, DLD organized a specialized workshop on ‘Real Estate Tokenization,’ bringing together leading proptech companies, including top global firms specializing in real estate asset tokenization.
Eng. Marwan bin Ghalita Director-General DLD
“Amid rapid technological advancements and the increasing reliance on digital solutions, real estate tokenization emerges as a revolutionary tool driving fundamental change in the real estate sector. By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes. This aligns perfectly with Dubai Land Department’s vision to achieve global leadership in real estate investment, leverage technology to develop innovative real estate products, and foster an ecosystem that supports real estate innovation.”
Marwan Bin Ghalita added that, “We are pleased to collaborate with partners from both the public and private sectors to advance the real estate industry’s digital ecosystem and enhance our operations’ efficiency and effectiveness. Following this year’s pilot launch, we will thoroughly assess the outcomes and leverage key insights to refine the project ahead of its full-scale implementation.”
The Real Estate Tokenisation Project aims to attract global technology firms and open new investment opportunities for the investor market. It seeks to diversify property ownership by allowing multiple investors to co-own a single property through tokenized real estate assets.
Additionally, the project strengthens Dubai’s position as a regional and global hub for virtual assets, enhancing its competitiveness on both local and international levels. It also promotes investment awareness in virtual asset services and products, encourages real estate innovation, and supports the development of cutting-edge solutions in the sector.
