Dubai Land Department has issued the world’s first Property Token Ownership Certificate after selling out the first tokenised real estate project within 24 hours on Prypco Mint, a platform licensed by the Virtual Assets Regulatory Authority (VARA).
The launch marks a step in Dubai’s move to digitise property ownership. The inaugural project under the Real Estate Tokenisation Initiative attracted 224 investors, 70% of whom were first-time entrants to the city’s property market. The average investment per individual was AED10,714, with participants representing 44 nationalities.
The project is part of a broader effort led by the Dubai Land Department in coordination with VARA, the UAE Central Bank, and the Dubai Future Foundation under the city’s Real Estate Sandbox programme. The goal is to simplify access to property investment and speed up transactions by introducing blockchain-based ownership records.
More than 6,000 potential investors have joined the waitlist for future tokenised projects, according to Prypco Mint. The platform plans to onboard real estate developers to expand listings.
The initiative supports the Dubai Real Estate Strategy 2033 and the Dubai Economic Agenda D33, which aim to diversify investor participation and integrate digital infrastructure across key sectors. Further updates on tokenisation rules for developers and secondary trading are expected as regulatory coordination progresses.
