Dubai Land Department (DLD) has launched the pilot phase of its Real Estate Tokenisation Project, becoming the first real estate registry in the Middle East to introduce tokenisation on property title deeds.
The pilot, rolled out under the department’s Real Estate Innovation Initiative (REES), is being developed in partnership with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF), through SandBox Real Estate.
The project aims to convert physical property ownership into digital tokens recorded on blockchain infrastructure. It is expected to facilitate fractional ownership, broaden investor participation, and streamline property transactions.
DLD projects the tokenisation market could reach Dh60 billion ($16.3 billion) by 2033, accounting for 7% of Dubai’s total real estate transactions.
“The Real Estate Tokenisation Project aims to unlock new opportunities for innovative real estate products, enhance property sector innovation, promote transparency and governance, and enable a wider pool of investors to participate in large-scale real estate projects,” said Marwan Ahmed Bin Ghalita, Director-General of the DLD.
A workshop on real estate tokenisation was held as part of the initiative, gathering global and regional proptech companies specialising in asset tokenisation.
The pilot phase will be evaluated this year, with findings expected to shape the full-scale rollout. DLD’s broader aim is to strengthen Dubai’s standing as a global hub for real estate innovation and virtual assets.
