PC: Zawya
The Dubai Land Department (DLD) has began its ‘Real Estate Tokenisation Project’ pilot phase by official launch. DLD leads the Middle East as the first real estate registration authority to tokenize property title deeds through its Real Estate Innovation Initiative (REES). SandBox Real Estate executes the project under the partnership between the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF).
DLD forecasts this groundbreaking project to propel the real estate tokenisation sector while predicting that its market value will increase to AED 60 billion during 2033. Real estate tokenisation processes form 7 percent of overall real estate deals in Dubai. Through blockchain-based record keeping the project transforms physical real estate properties into digital tokens to improve buying and investing and selling processes.
During the launch event DLD conducted the ‘Real Estate Tokenization’ workshop wherein proptech leaders united with global firms that specialized in real estate asset tokenisation. Eng. DLD Director General Marwan Ahmed Bin Ghalita expressed his belief in real estate tokenization as a key driver to reach total global leadership in real estate investment and innovation.
The Real Estate Tokenisation Project serves as an attraction tool for bringing global technology companies to the market besides opening new investment options for the business field. The initiative permits various investors to share ownership of one property through digitally-transferred real estate assets also known as tokenised assets. The project strengthens Dubai’s status as an international center for virtual assets by facilitating increased awareness about investment opportunities that involve virtual asset services and products.
The Dubai Land Department launched this initiative to build a system that promotes innovative real estate strategies while improving governance standards and accessibility for all investors seeking participation in big-scale projects within the Dubai metropolitan region. The pilot launch will be followed by assessment and insight collection to improve the project which will lead to its complete implementation.
The Dubai Land Department’s Real Estate Tokenisation Project launch establishes modern real estate sector solutions by employing technology for investor benefits and dealing complexity in real estate transactions.
