DLD launches pilot phase of the 'Real Estate Tokenisation Project'

As part of its ongoing efforts to strengthen Dubai's position as a global leader in property technology, and in line with the Dubai Real Estate Sector Strategy 2033, Dubai Land Department (DLD) launched the pilot phase of the 'Real Estate Tokenisation Project.'

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This initiative, introduced under the Real Estate Innovation Initiative 'REES,' establishes DLD as the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. The project is being implemented in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through SandBox Real Estate.

DLD anticipates that this groundbreaking initiative will drive significant growth in the real estate tokenisation sector, with its market value projected to reach Dhs 60 billion by 2033, representing 78 of Dubai's total real estate transactions.

As part of this initiative, DLD organised a specialised workshop on 'Real Estate Tokenisation,' bringing together leading proptech companies, including top global firms specialising in real estate asset tokenisation.

Eng. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Department, said: