Dubai Launches Government-Backed Real Estate Tokenization

Dubai has launched Prypco Mint, the Middle East’s first government-backed platform for tokenized real estate, in partnership with the Dubai Land Department, Prypco, and Ctrl Alt. The platform uses the XRP Ledger blockchain to anchor property title deeds, chosen for its speed, low fees, and scalability. Eligible UAE residents can purchase fractional property ownership starting at around $540, with transactions settled in local currency and legal ownership synchronized between the blockchain and Dubai's land registry. The initiative aims to tokenize $16 billion, about 7% of Dubai's real estate market, by 2033, and plans integration with more platforms and eventual global expansion. Regulatory oversight is provided by relevant UAE authorities, and Zand Digital Bank manages banking services. The project is expected to increase liquidity, accessibility, and transparency, marking a significant step in global real estate tokenization.