T
he Dubai Land Department has launched a tokenized real estate platform, Prypco Mint, allowing investors to buy fractional ownership in Dubai properties using local currency. The minimum investment is 2,000 dirhams (approximately $540), and the platform currently supports only dirham transactions for UAE ID cardholders. However, plans are underway to expand access globally and integrate more platforms.

    The technical backbone of the project relies on Ctrl Alt's infrastructure, which has chosen the XRP Ledger blockchain to store property title deeds. The company has directly integrated with DLD's systems to ensure that blockchain records remain in sync with traditional government real estate ledgers.

    Dubai aims to accelerate tokenization of its booming property market, projecting that 7% of total property transactions (approximately $16 billion) will be tokenized by 2033. Tokenization involves using blockchains for recording ownership of financial instruments like bonds and real estate, attracting global banks and asset managers with promises of operational gains and faster settlements. This trend is expected to grow into a massive market, potentially reaching multiple trillion dollars in the next few years, according to projections from Ripple, BCG, McKinsey, and others.