Dubai Launches First Tokenized Real Estate Platform with $16 Billion Goal

The Dubai Land Department (DLD) has launched its first tokenized real estate platform, Prypco Mint. This initiative aims to digitize $16 billion in real estate by 2033.

Prypco Mint allows fractional ownership of Dubai properties starting at 2,000 dirhams (approximately $540).
Currently, the platform supports transactions only in dirhams and is available to UAE ID cardholders.
Future plans include global access and integration with additional platforms.
Zand Digital Bank is the banking partner; regulatory oversight is provided by the UAE Central Bank, VARA, and the Dubai Future Foundation.
The infrastructure utilizes the XRP Ledger blockchain for property title deeds and syncs with traditional government records.
DLD estimates that tokenized real estate could represent 7% of total property transactions in Dubai by 2033.

Tokenization seeks to enhance the efficiency of moving and recording ownership of assets, potentially leading to a multi-trillion-dollar market in the coming years.