Dubai Land Department (DLD) has launched the Middle East and North Africa (MENA) region’s first licensed tokenized real estate investment platform, Prypco Mint (mint.prypco.com). This initiative allows investors to acquire fractional ownership in Dubai properties, starting from as little as AED 2,000 ($545), marking a significant shift in property investment accessibility.
The launch aligns with Dubai’s broader strategy to integrate cutting-edge technologies into its real estate sector, enhancing accessibility and transparency for investors. By leveraging blockchain technology, the platform aims to democratize property investment, attracting a diverse range of investors both locally and internationally.
Real estate tokenisation involves converting physical property assets into digital tokens recorded on a blockchain. This model sets out not only to enhance liquidity in the real estate market, but also to lower the barrier to entry for smaller investors.
The Prypco Mint platform is the result of a collaborative effort between the DLD, Prypco, and Ctrl Alt Solutions, with regulatory oversight from the Virtual Assets Regulatory Authority (VARA) and the Central Bank of the United Arab Emirates. The Dubai Future Foundation also plays a pivotal role through its Real Estate Sandbox initiative, fostering innovation in the sector.
Zand Digital Bank has been appointed as the banking partner for the project’s pilot phase, ensuring secure and efficient financial transactions. During this initial phase, investments are processed exclusively in UAE Dirhams, with plans to expand globally and potentially incorporate other currencies in the future.
The project is part of Dubai’s broader Real Estate Innovation Initiative (REES) and aligns with the Dubai Real Estate Sector Strategy 2033. This initiative aims to attract global technology firms and open new investment avenues by digitising real estate ownership through blockchain technology.
Prypco Mint operates on the XRP Ledger, a decentralized blockchain known for its efficiency and scalability. This integration ensures that property ownership records are securely and transparently maintained, aligning with Dubai’s commitment to leveraging technology for enhanced governance.
Real estate is a cornerstone of Dubai’s economy, underpinning its status as the Gulf’s leading hub for business and tourism. According to official government data, the sector recorded transactions worth 761 billion dirhams ($207.22 billion) in the past year, reflecting a 36% increase in activity.
The DLD projects that tokenized assets could constitute up to 7% of Dubai’s real estate market by 2033, equating to a value of approximately AED 60 billion ($16 billion). This projection underscores the potential of tokenization to transform traditional real estate investment paradigms.
Through the Prypco Mint platform, investors gain access to comprehensive property details, including pricing, risk assessments, and technical specifications. This level of transparency empowers investors to make informed decisions and fosters confidence in the investment process.
The initiative also introduces the world’s first Property Token Ownership Certificate, a blockchain-based document that formalizes fractional ownership of real estate in Dubai. This innovation further cements Dubai’s position as a leader in integrating blockchain technology into real estate governance.
Currently, the platform is accessible exclusively to UAE ID holders, but plans are underway to expand its reach to international investors. The DLD is actively working to onboard more real estate developers to list their projects on the platform, broadening the range of investment opportunities available.
This expansion aligns with the objectives of the Dubai Economic Agenda D33 and the Dubai Real Estate Strategy 2033, both of which aim to enhance the city’s global competitiveness and foster sustainable economic growth.
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