Dubai has formally introduced the region’s first government-backed tokenized real estate platform, a move poised to redefine property investment in the emirate.
Developed on the XRP Ledger blockchain, the platform allows fractional ownership of physical properties via tokenized title deeds, offering investors a secure and regulated gateway to the city’s property market.
The initiative, led by the Dubai Land Department (DLD), is part of an ambitious strategy to digitize AED60 billion ($16 billion) worth of property assets by 2033. The new platform, named Prypco Mint, is currently in its pilot phase and enables UAE nationals with valid Emirates IDs to purchase fractional property shares using dirhams, with entry points starting at AED 2,000 ($540).
Prypco Mint was developed in partnership with fintech firm Prypco, blockchain infrastructure provider Ctrl Alt, and under the regulatory oversight of Dubai’s Virtual Assets Regulatory Authority (VARA), the UAE Central Bank, and the Dubai Future Foundation. Tokenization ensures that property ownership records are updated in real time through seamless integration with DLD’s official systems.
The ownership tokens are issued on the XRP Ledger, an open-source blockchain originally designed with input from Ripple. Its selection was based on its technical capacity to support regulated asset tokenization frameworks, according to the project’s infrastructure partner Ctrl Alt. The company also built tools to mint these tokens and integrate them with Dubai’s official property registry, ensuring legal alignment with title deed records.
The tokenization platform is a central element of Dubai’s broader ambition to position itself as a global hub for digital asset innovation. Authorities project that by 2033, approximately seven percent of the city’s total property transactions will be conducted through tokenized assets.
The initiative also aligns with Dubai’s long-term goal of increasing liquidity in its real estate sector while attracting both domestic and international investors. With regulation overseen by the UAE Central Bank, VARA, and the Real Estate Sandbox from the Dubai Future Foundation, the platform is designed to maintain strict compliance as it scales.
