Dubai revolutionizes real estate trading: First tokenization with XRP Ledger!

Dubai revolutionizes real estate trading: First tokenization with XRP Ledger!

Dubai is taking a significant step into the future of the real estate market with the launch of the first government-backed tokenization of property titles in the Middle East. The Dubai Land Department (DLD) has launched an innovative project that uses Ripple's XRP Ledger blockchain technology to revolutionize the buying, selling and financing of real estate. This initiative is part of the Real Estate Evolution Space Initiative (REES) and aims to fundamentally transform real estate trading in Dubai.

A key aspect of this program is the synchronization of on-chain tokens with the traditional land registry system. This creates a legally compliant connection between modern blockchain technology and the established real estate market. RippleX, the development arm of Ripple, sees this program as a significant step forward for the real estate industry in Dubai.

Innovation through tokenization

Tokenization makes fractional ownership titles possible, representing an economic interest in registered real estate. Ctrl Alt, DLD's partner in this project, has developed a special infrastructure for minting these property tokens. On-chain transactions are instantly updated in the government registry, eliminating the need for traditional paper transfers. Registrations for the project are currently underway and have been possible since March 2025.

The new PRYPCO Mint portal allows eligible UAE ID holders to enter, with a minimum amount of AED 2,000 (approximately US$545) required. Transactions are settled in dirhams while ownership is recorded as bearer tokens on the XRP Ledger. The DLD predicts that the market volume for real estate tokenization could grow to around $16 billion by 2033.

Future outlook and participation

The real estate sector in Dubai recorded over $218 billion in transactions last year. There are currently more than 3,000 interested parties on the waiting list for the tokenization project, which is aimed at Emirates ID holders. If scaled successfully, Dubai could become the first jurisdiction in the world to record real-time real estate transactions on a public blockchain.

The DLD works closely with several institutions, including the Virtual Assets Regulatory Authority (VARA), the Dubai Future Foundation and the Central Bank of the UAE. This collaboration aims to support the comprehensive implementation of blockchain technology in the real estate sector and drive digital transformation.

However, Ctrl Alt warns about the risks associated with investing in fractional ownership securities. These do not offer traditional investor protection and there is a risk of loss of value and fluctuations in virtual assets. The initiative supports the Real Estate Sector Strategy 2033 and the Dubai Economic Agenda (D33), which focus on digital reforms for capital attraction and competitiveness.

Overall, the project not only shows Dubai's innovative strength, but also the potential of blockchain technology to fundamentally change traditional financial and real estate markets. The first apartments are already tokenized, and transactions are actively carried out on the XRP ledger, marking a new stage in the development of the real estate market in Dubai. For more information, you can read the articles from it-boltwise and BTC Echo read up.