Dubai Land Department has launched the second phase of its Real Estate Tokenization Project on February 20, enabling secondary trading for around 7.8 million property tokens. With this move the initiative has shifted from pilot testing to live market operations.
The project was developed in coordination with the Virtual Assets Regulatory Authority and other government bodies. Tokens represent partial ownership in registered properties and are denominated in UAE dirhams, keeping transactions within the traditional financial system.
The pilot phase began in March 2025, experimenting with legal and technical frameworks. In May, Prypco Mint completed the first tokenized property sale in local currency. Future expansion depends on regulatory coordination and performance evaluations.
The program supports the Dubai Urban Plan 2040 and the Dubai Real Estate Sector Strategy 2033, both of which have been launched to increase transparency and attract foreign investment. The project, according to officials, is a long-term endeavour to position Dubai as a global testing ground for cutting-edge real estate technologies.
If the idea is successful, it could change the way that real estate sales and ownership operate in large international cities.
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