Dubai's Real Estate Tokenisation Pilot Goes Live on Dedicated Platform Prypco Mint: Details

Dubai investors can now purchase tokenised shares of "ready to own" properties, following the launch of the city's first real estate tokenisation initiative this week. The project is being overseen by the Dubai Land Department (DLD) and the Central Bank of the United Arab Emirates. According to an official announcement issued on May 25, the initiative has been launched on the "Prypco Mint" platform. Backed by the DLD, the platform enables individuals to invest in real estate projects and earn returns. Zand Digital Bank has been onboarded as the banking partner for the project's pilot phase.

The DLD had first unveiled plans for this project in March this year. At the time, the government body had said that the aim was to check if Web3 technologies can upgrade Dubai's real estate market.

"As the market continues to evolve, tokenised assets are projected to represent up to seven percent of Dubai's real estate market by 2033, equating to a value of AED 60 billion (USD 16 billion or roughly Rs. 1,39,355 crore)," the announcement said. "The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenisation companies, and supporting innovation while safeguarding investor rights."

The minimum investment required to participate in the pilot phase has been set at AED 2,000 (roughly Rs. 46,450). With this accessible entry point, the Dubai Land Department (DLD) aims to attract a broader pool of investors to the emirate's property market.

During the pilot, all transactions will be conducted exclusively in UAE Dirhams, with cryptocurrencies currently excluded. Participation is also limited to individuals holding a valid Emirates ID. However, according to government plans, the project is expected to open up to international investors in the "near future."

The announcement highlighted that the Prypco Mint platform offers investors access to detailed property information — including pricing, risk factors, technical specifications, and minimum investment requirements — ensuring full transparency and enabling informed decision-making.

The pilot is also being conducted in collaboration with the Virtual Assets Regulatory Authority (VARA), with Marwan Ahmed Bin Ghalita, Director General of the Dubai Land Department, leading the initiative.

Asset tokenisation — the process of converting ownership of physical properties into blockchain-based digital tokens — has been gaining significant traction in recent times. This approach enables fractional ownership, enhancing liquidity and simplifying the trading of real estate assets, all while preserving the inherent value and utility of the physical property.

In May, the US Crypto Task Force met with industry stakeholders to discuss the tokenisation of real-world assets (RWAs). Paul Atkins, the chief of this task force noted during the meeting that tokenisation can transform relatively illiquid assets into liquid investment opportunities — enhancing capital formation. As the US progresses towards finalising its crypto laws, it is expected that clear rules to enable RWA tokenisation could be set in the US.

In March, the Abu Dhabi Global Market (ADGM) signed an MoU with Chainlink to focus on incubating and sustaining projects linked to tokenisation.