Dubai Land Department and VARA Collaborate to Pioneer Property Tokenisation

The Dubai Land Department has initiated the pilot phase of its 'Real Estate Tokenisation Project,' marking a significant advancement in integrating blockchain technology within the property sector. This initiative positions DLD as the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. Launched under the Real Estate Innovation Initiative , the project is a collaborative effort with the Dubai Virtual Assets Regulatory Authority and the Dubai Future Foundation through SandBox Real Estate.

Tokenisation involves converting real estate assets into digital tokens recorded on blockchain technology, simplifying and enhancing the processes of buying, selling, and investing in properties. This approach facilitates fractional ownership, allowing multiple investors to co-own a single property, thereby broadening access to real estate investments. The DLD projects that the market value of tokenised real estate could reach AED 60 billion by 2033, representing approximately 7% of Dubai's total real estate transactions.

His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of DLD, highlighted the transformative potential of this initiative, stating that real estate tokenisation serves as a revolutionary tool driving fundamental change in the sector. By converting real estate assets into digital tokens, the process of buying, selling, and investing becomes more streamlined and accessible.

The collaboration with VARA ensures that the tokenisation process aligns with Dubai's regulatory frameworks for virtual assets, providing clarity and safeguarding investor rights in the evolving digital landscape. Established under Law No. 4 of 2022, VARA is tasked with regulating virtual assets in Dubai, aiming to protect investors and set international standards for virtual asset industry governance.

In conjunction with the pilot launch, DLD organised a specialised workshop on real estate tokenisation, bringing together leading proptech companies, including top global firms specialising in real estate asset tokenisation. This initiative aims to attract global technology firms, foster innovation in the property sector, and enhance transparency and governance.

The move towards property tokenisation aligns with Dubai's broader strategy to position itself as a global hub for digital and crypto assets. The emirate has been proactive in attracting key industry firms and developing virtual asset regulations to support this ambition. Notably, in January 2025, Dubai-based developer DAMAC Group signed a $1 billion deal with blockchain platform MANTRA to tokenise real-world assets in the Middle East, reflecting the growing interest in asset tokenisation within the region.