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In a move that blends traditional real estate with cutting-edge blockchain technology, the Dubai Land Department (DLD) has officially launched a new project focused on real estate tokenization using the XRP Ledger.
Let’s take a closer look at what this means for the future of property investment in Dubai.
A New Way to Invest in Dubai Real Estate
The DLD has introduced “Prypco Mint,” a new tokenization platform operating through Dubai’s Real Estate Sandbox. With this platform, investors can now purchase fractional ownership in Dubai properties—offering a more accessible way to enter the real estate market.
The Growing Market for Real Estate Tokenization
Real estate tokenization isn’t a new concept, but it’s gaining serious traction. The global market is expected to grow from $3.5 billion in 2024 to nearly $19.4 billion by 2033.
However, one of the major challenges in this space has been integration with official property records. Without a direct link to government land registries, ownership on the blockchain has limited legal weight.
That’s where Dubai is taking the lead—by syncing blockchain-based platforms with its official property registry.
Dubai’s History with Blockchain Innovation
Dubai has been exploring blockchain solutions in real estate since 2017, aiming to simplify and digitize processes. Since 2022, the DLD has been actively collaborating with the Dubai Virtual Assets Regulatory Authority (VARA) to ensure that virtual assets tied to real estate meet local compliance standards.
The tokenization project officially entered its pilot phase in March 2024, with the aim of encouraging innovation and broader adoption.
Why the XRP Ledger?
The platform was developed in collaboration with Ctrl Alt, a U.K.-based crypto infrastructure company. The XRP Ledger was chosen for its long-standing reputation in managing digital and real-world assets reliably.
Ctrl Alt noted that the platform is directly integrated with the DLD’s system, ensuring that on-chain data aligns with official property records. This integration helps bridge the gap between traditional and digital real estate systems.
Who Can Invest Right Now?
Currently, the opportunity is open only to holders of a United Arab Emirates ID. But the DLD has confirmed that there are plans to expand globally in the near future.
Looking ahead, Dubai expects tokenized real estate to make up about 7% of its entire property market by 2033—with Prypco Mint playing a central role in this transformation.
Final Thoughts
Dubai continues to position itself at the forefront of blockchain innovation, and the launch of this XRP-powered real estate tokenization platform is a major step forward.
By making real estate more accessible and aligning digital ownership with legal frameworks, the DLD is setting a strong example for other regions looking to modernize their property sectors.
Stay tuned for more updates as this project evolves—right here on Coinwookies, your trusted source for blockchain news.
This article reflects the opinions of the publisher based on available information at the time of writing. It is not intended to provide financial advice, and it does not necessarily represent the views of the news site or its affiliates. Readers are encouraged to conduct further research or consult with a financial advisor before making any investment decisions.
