The Dubai Land Department and Ctrl Alt have announced the launch of the second phase of the real estate tokenization project, enabling the trading of $5 million worth of property tokens through a regulated secondary market.
These tokens are linked to ten properties in Dubai and are managed via the XRP Ledger, secured by Ripple Custody and synchronized with the emirate’s official property registry.
The initiative is part of a broader strategy to tokenize $16 billion worth of Dubai real estate by 2033. The program aims to make Dubai properties tradable on blockchain technology, which is expected to simplify ownership structures and accelerate transaction settlement.
Despite regulatory challenges and relatively limited liquidity in secondary trading, the global tokenized real estate market is projected to grow rapidly, with Deloitte estimating it could reach $4 trillion by 2035.
The Dubai Land Department has collaborated with Prypco and Ctrl Alt to build the blockchain-based platform. The second phase focuses on testing the secondary market while strengthening investor protection.
The tokens are tied to virtual assets that define trading conditions and ensure compliance with local regulations, reinforcing Dubai’s position as a global hub for this emerging and advanced sector.
