The Dubai Land Department has unveiled the world’s first Property Token Ownership Certificate, following the successful sale of the initial tokenized real estate project on the ‘Prypco Mint’ platform, which is licensed by the Virtual Assets Regulatory Authority (VARA). This groundbreaking initiative was launched with remarkable speed, achieving the sale within just one day of its introduction. This achievement further solidifies Dubai’s status as a global leader in real estate innovation and digital transformation.

The new platform has generated considerable interest, with a waitlist surpassing 6 000 requests. This high demand highlights Dubai’s increasing appeal to a diverse range of global investors who are looking for innovative and accessible models for property ownership.

The Real Estate Tokenization project was developed by the Dubai Land Department in partnership with VARA, the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox initiative. The project is being executed via the Prypco Mint platform.

This initiative aims to broaden the investor base in real estate while enhancing transparency and speeding up transaction processes, aligning with the goals of the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33. The Dubai Land Department is actively working to enable real estate developers to list their projects on the platform, expanding the project’s scope and creating new opportunities for digital property investment.