Over 3,000 Investors Join Dubai’s Real Estate Tokenization Pilot Using XRP Ledger
Dubai’s government-backed real estate tokenization program has drawn strong early interest, with more than 3,000 investors registering to join the initiative’s waitlist. The pilot project, which launched on March 16, is the first of its kind in the Middle East and North Africa (MENA) region and aims to reshape property ownership through blockchain technology.
The Dubai Land Department (DLD), which is leading the initiative, has partnered with blockchain firms Prypco Mint and Ctrl Alt to tokenize ownership deeds of government-owned real estate. These digital tokens will eventually be made available to investors as fractional ownership shares.
For the pilot phase, the program is using Ripple’s XRP Ledger (XRPL) as its blockchain network. While XRPL has seen limited use compared to other smart contract platforms, this high-profile partnership could mark a turning point. Ripple has recently increased its focus on real-world asset (RWA) tokenization, investing millions into projects that digitize financial products on its network.
Only official residents of the United Arab Emirates—those holding an Emirates ID—are currently eligible to participate. Despite this restriction, interest has surged, driven by strong government and regulatory support.
According to Mahmoud AlBurai, a senior advisor at the DLD, the scale of early registration reflects widespread confidence in the project. AlBurai shared the update in a LinkedIn post, emphasizing that several key regulators—including the Dubai Future Foundation, the Virtual Assets Regulatory Authority (VARA), and the UAE Central Bank—are backing the effort.
The DLD has projected that the market for tokenized real estate in the UAE could reach $16 billion by 2033. The technology is expected to improve transparency, accessibility, and efficiency in property investment.
Dubai’s program comes at a time when tokenization is gaining global traction, though most efforts so far have focused on financial assets like bonds and securities. By targeting real estate, Dubai may position itself as a leader in a less saturated segment of the tokenization market.
This government-led, regulation-compliant approach could also offer a safer alternative to privately-run tokenization projects, some of which have recently faced legal scrutiny. In one high-profile case, the U.S. Securities and Exchange Commission accused executives at Unicoin of misleading investors and inflating the value of tokenized properties.
With the UAE already seeing $3 billion worth of tokenized real estate, Dubai’s initiative could set a precedent for how countries can adopt blockchain in real estate while ensuring investor protections through strong regulatory oversight.
Featured image from: x.com