Groundbreaking data from real estate portal Property Finder revealed that Dubai’s real estate market has undergone an unprecedented growth in May, with AED 66.8 billion in sales transactions. The key reasons for this exponential growth encompass the recent real estate tokenization project, combined with several other factors.

Cherif Sleiman, Chief Revenue Officer at Property Finder, said in a press release: “Dubai continues to lead real estate innovation by example, as evidenced by the recent launch of the region’s first licensed tokenized property investment platform by Dubai Land Department.” 

In April, the real estate sector experienced a transaction value of AED 62.1 billion, and May is a moonshot for the industry, which, according to Sleiman, is fueled by sustainable trends like the region’s first tokenized property investment. Moreover, the population spike in the emirate also played a vital role in attracting more investors to the sector. With nearly 1,000 new residents each day, demand for housing will likely hit new heights, as per the data.

The data also showed significant growth in premium investment projects in Business Bay. Despite fewer deals happening in this area, the deals closed were high in value.  

Real estate tokenization project sale in Dubai

On May 28, Dubai Land Department (DLD) and PRYPCO Mint, the region’s debut tokenized real estate investment platform, issued the first licensed tokenized real estate ownership certificate. The first sale of tokenized property attracted 224 investors from 40 nationalities, besides the growing number of investors in traditional real estate. A unit of DAMAC Maison Prive in Business Bay was the first property sold through tokenization in the MENA region. 

Worth noting, the emirate is actively exploring adopting Web3 and blockchain across different sectors. Also, crypto firms, including Solana and Ripple, have gained new opportunities to expand their business in Dubai’s growing blockchain ecosystem.