Dubai has launched the first licensed tokenized real estate project in the Middle East and North Africa region, previewing appetite for real-world tokenization in one of the world’s famous crypto hubs. This project expands on the Dubai Land Department’s RWA tokenization initiatives involving the real estate registry. Partners in the project include the Dubai Land Department (DLD), the Central Bank of the United Arab Emirates and the Dubai Future Foundation. The tokens will be tradeable on the newly launched “Prypco Mint” platform, with Zand Digital Bank appointed as the bank for the project’s pilot phase. The Dubai’s Virtual Assets Regulatory Authority (VARA) updated its rules to include real-world asset (RWA) tokenization which allow such tokens to be traded on secondary markets.

The project will allow individual investors to buy tokenized shares in properties in Dubai with investments starting at 2,000 Emirate dirham ($545). The goal is to attract global investors and enhance liquidity in Dubai’s real estate market. The project was initially announced in March 2025. A sought-after destination for crypto entrepreneurs, the United Arab Emirates is positioning itself as a crypto hub.

The real estate tokenization market may reach $19.4 billion by 2033. It is one of many areas of RWA tokenization that is poised for a breakthrough over the next few years. It fulfills some key promises of blockchain technology, providing liquidity to relatively illiquid assets and granting greater accessibility to retail investors. All three types of real estate (residential, commercial and industrial) will participate.