Dubai’s Prypco Mint reported that it fully funded the first tokenized property in less than 24 hours with 224 investors from over 40 nationalities in less than 24 hours.
The announcement came after the recent launch of Prypco Mint, the first licensed real estate tokenization platform in partnership with Dubai Land Department, Dubai’s regulatory authority and powered by Ctrl Alt blockchain.
RWA initiative drew in diverse interest
Dr. Mahmoud Al Buraj, senior director of real estate policies and innovation at the land department noted on LinkedIn: “Dubai is issuing first ever property token ownership certificate that no other city or country did. Thank you for all who bought piece of Dubai and were the first to own tokenized real estate. Be ready for second property!”
As per the press release, the fully funded property attracted 224 investors from over 40 nationalities, with an average investment amount of AED 10,714, underscoring the platform’s wide appeal and the growing appetite for accessible, tech-enabled real estate opportunities in the region.
The deed shared by Dr. Burja shows ownership tokens in DAMAC Maison Prive. It shows how 1,093 tokens purchased give 0.8129 shares in the property.
Dubai Land Department launched the Prypco platform with VARA
A few days earlier, the land department had announced that it had launched the region’s first tokenized real estate investment project through the ‘Prypco Mint’ platform. The initiative was implemented in partnership with Prypco, the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox.
Moreover, Zand Digital Bank was appointed as the banking partner for the project’s pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenization.
As per the land department’s press release, “The pilot phase of investment in tokenized real estate, marking the activation of the digital platform mint.prypco.com. The platform enables users to generate returns and own a share in a prime real estate project in Dubai.”
Access to the purchase of tokenized property deeds is currently available exclusively to UAE ID holders. The platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai’s position as a global hub for innovation in tokenized real estate.
The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. All transactions are carried out exclusively in UAE dirhams, with no use of cryptocurrencies during the pilot phase.
DLD emphasized in its announcement that tokenized assets will represent up to 7% of Dubai’s real estate market by 2033 equivalent to $16 billion, and that Prypco Mint will be at the cornerstone of this transformation.
Prypco explained, on its website: “By using PRYPCO Mint, investors pay only half the DLD fees, just 2% instead of the standard 4%, making real estate investments more affordable and accessible.”
