Dubai Land Department’s (DLD) second tokenised real estate project was fully funded in a record-breaking one minute and 58 seconds, attracting 149 investors from 35 nationalities.
The project allows users to own a share in prime real estate through blockchain-based tokens, starting from AED 2,000 ($545).
Dubai’s first tokenised real estate project signals ‘major transformation’ for property sector
The new property listing featured a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, with a total valuation of AED 1.5 million, offered at a discounted rate compared to its estimated market value of AED 1.875 million, “giving investors instant equity and value”.
The platform used for the sale is called Prypco Mint, which has said its mission is “to make premium real estate accessible to a new generation of investors.”
In a statement published Wednesday, DLD said “this unprecedented demand pushed the waiting list to over 10,700 investors, reflecting rising confidence and strong interest in digital real estate ownership solutions across the emirate.”
“By enabling investors to purchase shares in ready properties through seamless and cost-effective mechanisms, PRYPCO Mint is setting new standards for market accessibility,” it added.
The idea is that tokenised assets will become a central part of Dubai’s property market by 2033.
Dubai Land Department has said interested individuals should register early and set up their accounts to take advantage of upcoming offerings before they sell out.
Prypco’s first property, a two-bedroom apartment in Business Bay, attracted 224 investors from over 40 nationalities, with an average investment of AED 10,714. Listed at AED 2.4 million, below its DLD valuation of AED 2.89 million, the listing was fully funded within one day.
The platform was said it provides digital property ownership through a mobile-first experience, “transforming real estate from a traditionally slow, capital-heavy asset into a flexible, inclusive, and liquid investment.”
Currently available to UAE residents holding valid Emirates IDs, the platform is expected to open to international investors in its next phase.
