Dubai is once again at the forefront of digital transformation in real estate. With the launch of its Real Estate Tokenization Project, the Dubai Land Department (DLD) becomes the first government authority in the Middle East to tokenize property title deeds using blockchain technology. This initiative, in partnership with the Dubai Virtual Assets Regulatory Authority (VARA), the Dubai Future Foundation (DFF), and SandBox Real Estate, is set to redefine property investment in Dubai.
A Multi-Billion Dollar Market in the Making
DLD estimates that real estate tokenization could reach AED 60 billion in market value by 2033, accounting for 7% of Dubai’s total property transactions. By converting real estate assets into blockchain-based digital tokens, the initiative enables fractional ownership, making high-value properties accessible to a broader range of investors.
Innovation Driving Dubai’s Digital Economy
DLD Director General, Eng. Marwan Ahmed Bin Ghalita, describes tokenization as a revolutionary tool that simplifies property transactions and enhances transparency. This project aligns with Dubai’s Economic Agenda D33, reinforcing the city’s status as a global hub for virtual assets and digital innovation.
Following the pilot phase, DLD will refine the framework for full-scale implementation, further cementing Dubai’s leadership in real estate technology.