Dubai has made history by launching the Middle East and North Africa (MENA) region’s first licensed tokenized real estate project. This pioneering initiative marks a significant step in real-world asset tokenization, signaling the city’s ambition to be a global leader in blockchain innovation.

In partnership with the Dubai Land Department, the Central Bank of the UAE, and the Dubai Future Foundation, the project enables individual investors to purchase tokenized shares of ready-to-own properties starting at just 2,000 dirhams ($545). The tokens will be traded on the Prypco Mint platform, with Zand Digital Bank supporting the pilot. All transactions will be in local currency for now, and only UAE ID holders can participate—though global access is reportedly on the roadmap.

Crucially, this follows a regulatory update from Dubai’s Virtual Assets Regulatory Authority (VARA) on May 19, allowing real-world asset tokens to trade on secondary markets. In April, Dubai’s real estate registry was linked with its tokenization infrastructure, aiming to attract international investors and inject liquidity into the market.

The UAE is quickly emerging as a top crypto destination, with the Dubai government recently teaming up with Crypto.com to enable crypto payments for public services.

Real estate tokenization is on a growth trajectory. Market research from Custom Market Insights projects the global sector to hit $19.4 billion by 2033, with an annual growth rate of 21%. Despite regulatory challenges, companies like RealT and Metlabs are pushing the industry forward.

Dubai’s initiative isn’t just a tech milestone—it’s a bold play to reshape how the world invests in property.