Dubai government agency connects real estate registry with property tokenization
Bnews editor
Scott Thiel, co-founder of Tokinvest, told Cointelegraph that the new development opens up Dubai’s real estate market to global investors.
On Saturday, April 6 (April 6), Dubai Land Department (DLD) announced a new agreement with the Virtual Asset Regulatory Authority (VARA). According to the announcement, the agreement will connect Dubai’s real estate registry with property tokenization through a governance system.
The agreement aims to improve digital infrastructure and attract global investment by increasing market liquidity and property management efficiency. It also aims to support Dubai’s broader economic strategy, which includes a goal of doubling the city’s GDP in the next decade.
New real estate model opens Dubai market to global investors
This new development comes on the heels of DLD’s recent project pilot to convert real estate assets into blockchain-based digital tokens.
On Thursday, March 20 (March 20), DLD announced the pilot phase of its real estate tokenization project. The tokenization launch makes DLD the first real estate registry entity in the UAE to tokenize real estate title deeds. The DLD expects this move to drive real estate investment growth, with the goal of reaching a value of more than $16 billion by 2033.
Scott Thiel, co-founder and CEO of Tokinvest Real-World Asset (RWA) tokenization platform, told Cointelegraph that this new development sends a clear message to the UAE government:
“In just three weeks, Dubai has moved from pilot launch to strategic execution, and the message is very clear: the future of real estate investment is on-chain.”
Thiel also said that the close collaboration between the two institutions will create a smarter model to open Dubai’s real estate market to global investors. “This is not just another memorandum of understanding. This is the playbook for real estate 2.0,” Thiel told Cointelegraph.
The executive urged global investors to pay attention to the UAE’s initiatives in tokenization. Thiel said this is “what the future of real estate looks like.”
