The Dubai Land Department (DLD) has officially commenced Phase II of its pioneering Real Estate Tokenization Project, transitioning from pilot testing to an advanced operational stage. This initiative, developed in partnership with the Virtual Assets Regulatory Authority (VARA), represents a groundbreaking approach to digital property ownership.
Key highlights of the project include:
- Activation of secondary market resale for approximately 7.8 million real estate tokens
- First regional real estate registration authority to implement tokenization within a formal regulatory environment
- Alignment with Dubai Real Estate Sector Strategy 2033
The project aims to double the sector’s contribution to Dubai’s GDP to AED73 billion and increase total transaction values to AED1 trillion. By enabling advanced technology and delivering an integrated investment experience, this initiative supports the UAE Vision 2071 goal of building a sustainable, innovation-driven economy.
DLD continues to collaborate with VARA to establish technical standards for future phases and is exploring potential expansion of the tokenization platform based on regulatory approvals and performance evaluations.
