Dubai launches real estate tokenization pilot, expecting the market size to reach $16 billion by 2033

2025-03-20 08:05:19

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ChainCatcher news, the Dubai Land Department (DLD) has announced the launch of a pilot project for real estate tokenization, becoming the first real estate registration authority in the Middle East to manage property ownership certificates using blockchain technology. The project is jointly developed by the Dubai Land Department in collaboration with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF). The Dubai Land Department expects that by 2033, the value of tokenized real estate transactions will reach 60 billion dirhams (approximately 16 billion USD), accounting for 7% of the total real estate transaction volume in the city.

Marwan Ahmed Bin Ghalita, Director General of the Dubai Land Department, stated that the project will "simplify and enhance the process of buying, selling, and investing in local real estate." The Land Department is currently working with technology companies to refine the pilot project, which will then be gradually scaled up.

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