Dubai Launches Pilot Phase of the ‘Real Estate Tokenization Project'
KEY FACTS: Dubai has launched a pioneering pilot project to tokenize real estate using blockchain technology, spearheaded by the Dubai Land Department (DLD) in collaboration with the Dubai Future Foundation and the Virtual Assets Regulatory Authority. This initiative, part of the Dubai Economic Agenda D33, aims to transform the emirate's property market by converting physical assets into digital tokens, enabling fractional ownership and enhancing transparency, efficiency, and accessibility for global investors. The project builds on Dubai’s progressive blockchain adoption, following private sector efforts like the Damac Group’s $1 billion tokenization plan, and seeks to set a global precedent by modernizing real estate transactions.
Source: Government of Dubai Media Office
Dubai Launches Pilot Phase of the ‘Real Estate Tokenization Project'
The Dubai government has launched the pilot phase of an ambitious real estate tokenization project. Announced on Wednesday, March 19, by the Dubai Land Department (DLD), this initiative positions Dubai as the first in the Middle East to adopt blockchain for property title deeds, marking a transformative moment for the region's real estate sector. The project, developed in collaboration with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), aims to revolutionize how property ownership and transactions are managed, promising greater efficiency, transparency, and accessibility for investors worldwide.
As part of its ongoing efforts to strengthen Dubai’s position as a global leader in property technology, and in line with the Dubai Real Estate Sector Strategy 2033, Dubai Land Department (DLD) launched the pilot phase of the ‘Real Estate Tokenisation Project.’
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The "Real Estate Tokenisation Project" seeks to convert physical real estate assets into digital tokens recorded on a blockchain, a decentralized and secure digital ledger. This process, known as tokenization, allows property ownership to be fractionalized, meaning multiple investors can own shares of a single property rather than one entity bearing the full cost. According to the DLD, this pilot phase is a critical step toward modernizing Dubai’s booming real estate market, which accounted for approximately 7% of total transactions in the emirate last year.
Marwan Ahmed Bin Ghalita, Director General of the Dubai Land Department, emphasized the transformative potential of the initiative in an official statement, thus:
“By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes,”...“This drives a fundamental change in the sector, aligning with Dubai’s vision to lead in technological innovation and economic advancement.”
The pilot project is part of the Dubai Economic Agenda D33, a strategic roadmap designed to position the emirate as a global hub for smart, technology-driven economies. The DLD aims to streamline cumbersome processes traditionally associated with real estate, such as lengthy paperwork and opaque ownership records while opening the market to a wider pool of investors by leveraging blockchain.
The initiative brings together key players in Dubai’s innovation ecosystem. The Dubai Future Foundation, known for fostering cutting-edge technological advancements, and VARA, the emirate’s dedicated cryptocurrency and virtual assets regulator, are working alongside the DLD to ensure the project’s success. This collaboration emphasizes Dubai’s proactive approach to embracing Web3 technologies and integrating them into real-world applications.
To kick off the pilot, the DLD hosted a workshop titled "Real Estate Tokenization," which drew participation from leading property technology (proptech) companies and global firms specializing in asset tokenization. The event served as a platform for stakeholders to explore the technical and regulatory frameworks needed to scale the initiative, while also showcasing Dubai’s commitment to fostering innovation in the real estate sector.
The launch has sparked enthusiasm among industry experts, who see it as a game-changer for real estate investment. Scott Thiel, co-founder and CEO of Tokinvest, a platform focused on tokenized investments, hailed the project as a “transformative moment” for the sector. Speaking, Thiel remarked,
“The initiative not only reinforces Dubai’s leadership in blockchain adoption but also paves the way for a more inclusive, liquid, and efficient real estate market.”
Thiel highlighted the potential for tokenization to democratize property investment, noting that fractional ownership could allow smaller investors to participate in a market previously dominated by high-net-worth individuals and institutions.
“It’s a reality that will open up Dubai’s real estate market to a global pool of investors like never before,” he added.
This sentiment echoes broader trends in the United Arab Emirates (UAE), where progressive regulations have fueled a boom in real-world asset (RWA) tokenization. In a previous interview, Thiel credited the UAE’s clear and supportive regulatory framework for enabling such innovations, positioning the country as a leader in the global blockchain landscape.
Dubai’s foray into real estate tokenization builds on a series of blockchain-related developments in the region. In January 2025, the Damac Group, a prominent UAE-based property developer, partnered with blockchain firm Mantra to tokenize assets worth at least $1 billion, targeting real estate and other sectors across the Middle East. Similarly, in 2023, Mantra collaborated with MAG Property Development to tokenize $500 million in real estate assets, signaling a growing appetite for blockchain-based solutions among the emirate’s private sector.
The topic of tokenization gained further prominence during the Binance Blockchain Week in October 2024, where HE Khalfan Belhoul, CEO of the Dubai Future Foundation, expressed optimism about its financial and technological benefits. “Web3 offers opportunities to rethink how we structure investments and ownership,” Belhoul said at the time, foreshadowing today’s announcement.
The implications of the DLD’s pilot project extend far beyond Dubai’s borders. By establishing a model for blockchain-based real estate, the emirate could set a precedent for other global markets looking to modernize their property sectors. Tokenization promises to enhance liquidity, allowing assets to be traded more easily while reducing barriers to entry for investors who might otherwise be priced out of high-value markets like Dubai’s. Moreover, the use of blockchain ensures that ownership records are immutable and transparent, reducing the risk of fraud and disputes.
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STOPA welcome development that leads to change, not a government that seats about sexual harassment, trivelant and frivolous issues like Nigeria.