Dubai launches Middle East’s first real estate tokenization project, with a target of AED 60 billion by 2033

Today, Dubai officially launched the first real estate tokenization project led by a government real estate registry in the Middle East. This epoch-making plan was jointly launched by the Dubai Virtual Asset Regulatory Authority (VARA), Dubai Future Foundation and real estate technology platform Prypco, and implemented by the Dubai Land Department (DLD). The project uses XRP Ledger as the underlying blockchain technology, marking a key step for Dubai in asset tokenization and modernizing real estate investment.

▲ Project highlights at a glance:

✅The minimum investment threshold is only 2,000 dirhams (about 545 US dollars)

✅Property tokenization based on XRP Ledger, realizing on-chain transactions and registration synchronization

✅The target is to reach a market size of 60 billion dirhams (about 16 billion US dollars) by 2033

✅Ctrl Alt platform as the designated tokenization infrastructure provider

✅Plan to cover 7% of the total real estate transactions in Dubai

Decentralized property ownership has become a reality

The plan was initiated by the Real Estate Development Space Initiative (REES) and is the first government project to put real estate title certificates on the chain. Through the PRYPCO Mint platform, investors can participate in real estate projects with a very low threshold and achieve "decentralized co-ownership". This model not only improves the accessibility and liquidity of the real estate market, but also lowers the participation threshold for small and medium-sized investors.

In addition, the platform is now online, and holders of the UAE Resident Identity Card (EID) can access the PRYPCO Mint platform to participate directly.

XRPL on-chain registration × DLD traditional ledger synchronization

One of the biggest innovations of this project is the seamless connection between the Dubai Land Department's traditional real estate registration system and the XRP Ledger on-chain token registration. Through deep integration with technology provider Ctrl Alt, the compliance, transparency and real-time update capabilities of on-chain information are ensured, and compliance with VARA regulatory requirements is ensured.

Ctrl Alt CEO: Building a "universally accessible" real estate investment platform

Matt Ong, CEO of Ctrl Alt, said: "We have been working with the Dubai Land Department for a long time and are very pleased to take a substantial step today. By creating a compliant tokenization infrastructure, we are making real estate investment accessible to a wider range of people. This project not only reflects Dubai's forward-looking vision for financial technology, but also represents our confidence in future development."

Ctrl Alt has completed the tokenization of more than US$295 million in assets, covering multiple alternative asset areas such as real estate, private credit, funds and litigation financing, and has strong financial engineering and technical capabilities.

Blockchain promotes the real estate "2033 Strategy" and D33 Economic Agenda

This tokenization project is a core component of Dubai's "Real Estate 2033 Strategy" and is highly consistent with the more macro "D33 Dubai Economic Agenda". Both strategies emphasize that digital technology empowers traditional industries, enhances global investment attractiveness and market transparency.

The real estate tokenization project led by the Dubai government is not only a technological breakthrough, but also an example of the transformation of the future real estate model. With the stability of XRP Ledger, the engineering experience of Ctrl Alt, and the policy coordination between DLD and VARA, Dubai is accelerating the creation of a new real estate investment ecosystem that is transparent, efficient, and accessible to all. In the next few years, the plan will become an important benchmark for the digital transformation of real estate finance in the Middle East and even the world.