In a first-of-its-kind move, Dubai Land Department (DLD) is leveraging Web 3 and blockchain technology by launching a tokenized real estate investment project through the ‘Prypco Mint’ platform. This landmark move reflects its debut in the MENA region, making real estate ownership easier, transparent, and accessible. 

Launched with the tokenization project on May 25, Prypco Mint is a blockchain-based real estate investment platform owned by proptech, Prypco. Other strategic partnerships for this debut initiative include Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF). The project is being implemented through the Sandbox Real Estate. The DLD has chosen XRP Ledger to run the tokenization project.  

A press release by DLD reads that the project is currently accessible for Emirates ID (EID) holders and will expand globally with additional platforms in the future. During the pilot phase of the venture, customers cannot use cryptocurrencies to purchase the tokenized properties, but can use UAE Dirhams. Users can also buy tokenized shares in Dubai’s ready-to-own properties with just AED 2,000. 

“This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization.” 

By 2033, the tokenized assets are expected to reach up to 7% of Dubai’s real estate market, which is equal to nearly AED 60 million, according to the press release. 

Dubai spearheads in blockchain, real estate

Dubai has positioned itself at the forefront of crypto and blockchain adoption, along with its booming real estate market. Its strong and stable VARA regulatory framework provides solid support for blockchain companies across the globe. According to Dubai Multi Commodities Centre (DMCC), more than 650 blockchain companies operate in Dubai.  

Crypto Tower, a venture by DMCC’s Crypto Centre and real estate firm REIT Development, adds to the list of blockchain and real estate integration in the Emirates. Apart from DLD, Web 3 adoption is also being increasingly implemented by Dubai Customs, RTA, Ajman Police, Wio Bank, Du, Dubai Police, and Dubai Department of Finance. The first quarter of 2025 saw a 30.3% year-on-year surge in the total real estate sales, which is worth AED 142.7 billion.