The “Real Estate Tokenization Project” pilot phase was started by the Dubai Land Department (DLD) as part of its continuous efforts to solidify Dubai’s standing as a global leader in real estate technology and by the Dubai Real Estate Sector Strategy 2033. DLD is the first real estate registration organization in the Middle East to provide tokenization on property title deeds through this effort, which was launched under the Real Estate Innovation effort “REES.” Through SandBox Real Estate, the initiative is being carried out in partnership with the Dubai Future Foundation (DFF) and the Dubai Virtual Assets Regulatory Authority (VARA).
With its market value expected to reach Dhs 60 billion by 2033, or 7% of Dubai’s total real estate transactions, DLD believes this ground-breaking initiative will propel the real estate tokenization sector to considerable growth.
As part of this endeavor, prominent proptech companies, including well-known international corporations specialising in real estate asset tokenization, came together for a workshop on “Real Estate Tokenization. Real estate tokenization is a game-changing technology causing a fundamental shift in the real estate industry in the face of swift technical improvements and a growing reliance on digital solutions. Tokenization makes purchasing, selling, and investing easier by transforming real estate assets into digital tokens stored on blockchain technology.
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