The Dubai Land Department (DLD) has initiated a pilot project to tokenize real estate assets on the blockchain, in collaboration with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA). Announced today, this initiative makes the DLD the first real estate registration entity in the UAE to implement tokenization on property title deeds. The DLD forecasts that the market value of tokenized real estate could exceed $16 billion by 2033, representing 7% of Dubai's total real estate transactions. DLD Director-General Marwan Ahmed Bin Ghalita emphasized that tokenization simplifies buying, selling, and investment processes, aligning with Dubai's vision to lead in real estate investment through technology.
Dubai Land Department Launches Real Estate Tokenization Project, Anticipates $16 Billion Market by 2033
Edited by: Yuliya Shumai
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