Dubai is revolutionizing its real estate sector. The Dubai Land Department (DLD) is organizing a tokenization program for property for the first time in the Middle East and integrating blockchain technology with traditional property deeds. The DLD has started a pilot program to test out the project and aims to advance technological improvements in the Middle East to embrace blockchain innovation.
The DLD has started a project to modernize its real estate sector, being the first organization in the UAE to tokenize real estate. The DLD aims to promote Dubai real estate and is responsible for registering property in the country. The project includes collaboration with the Dubai Future Fountain (DFF) and the Virtual Assets Regulatory Authority (VARA). Together, these organizations aim to change the way people buy and sell property.
“By converting real estate assets into digital tokens”, said Marwan Ahmed Bin Ghalita, Director General of DLD, ”recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes”.
The project aims to facilitate multiple owners investing in a single project, a rather difficult process traditionally. However, with the use of blockchain, the process could be made much simpler, allowing for low-threshold investments in real estate and the added democratization of finance. The use of blockchain streamlines the real estate process, making investing much easier for people to do.
“Amid rapid technological advancements and the increasing reliance on digital solutions,” said Marwan, Director General of DLD, “real estate tokenization emerges as a revolutionary tool driving fundamental change in the real estate sector. By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes”.
With the pilot scheme, digital tokens in real estate will allow fractional ownership of property, increasing asset liquidity and allowing more minor investors access to the market. The alternative model would be to crowdsource the property market; however, doing so would be a less structured approach than the tokenization process. However, obstacles exist to the tokenization process, particularly regarding land use after the fractional property division.
The project further aims to bring external investors into Dubai with ease of use and with the backing of the legal frameworks so that the entire process, thanks to the DLD, is fast and reliable. This coincides with the Dubai Economic Agenda D33, which aims to adopt digital technology, making the city a global hub regarding innovation.
“This pioneering project is part of the recently launched ‘REES’ Real Estate Innovation Initiative”, said Marwan, Director General of DLD, “designed to attract diverse technology firms. It aligns with our strategy to unlock new opportunities for innovative real estate productDubai is revolutionizing its real estate sector. The Dubai Land Department (DLD) is organizing a tokenization program for property for the first time in the Middle East and integrating blockchain technology with traditional property deeds. The DLD has started a pilot program to test out the project and aims to advance technological improvements in the Middle East to embrace blockchain innovation.
The DLD has started a project to modernize its real estate sector, being the first organization in the UAE to tokenize real estate. The DLD aims to promote Dubai real estate and is responsible for registering property in the country. The project includes collaboration with the Dubai Future Fountain (DFF) and the Virtual Assets Regulatory Authority (VARA). Together, these organizations aim to change the way people buy and sell property.
“By converting real estate assets into digital tokens”, said Marwan Ahmed Bin Ghalita, Director General of DLD, ”recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes”.
The project aims to facilitate multiple owners investing in a single project, a rather difficult process traditionally. However, with the use of blockchain, the process could be made much simpler, allowing for low-threshold investments in real estate and the added democratization of finance. The use of blockchain streamlines the real estate process, making investing much easier for people to do.
“Amid rapid technological advancements and the increasing reliance on digital solutions,” said Marwan, Director General of DLD, “real estate tokenization emerges as a revolutionary tool driving fundamental change in the real estate sector. By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes”.
With the pilot scheme, digital tokens in real estate will allow fractional ownership of property, increasing asset liquidity and allowing more minor investors access to the market. The alternative model would be to crowdsource the property market; however, doing so would be a less structured approach than the tokenization process. However, obstacles exist to the tokenization process, particularly regarding land use after the fractional property division.
The project further aims to bring external investors into Dubai with ease of use and with the backing of the legal frameworks so that the entire process, thanks to the DLD, is fast and reliable. This coincides with the Dubai Economic Agenda D33, which aims to adopt digital technology, making the city a global hub regarding innovation.
“This pioneering project is part of the recently launched ‘REES’ Real Estate Innovation Initiative”, said Marwan, Director General of DLD, “designed to attract diverse technology firms. It aligns with our strategy to unlock new opportunities for innovative real estate productDubai is revolutionizing its real estate sector. The Dubai Land Department (DLD) is organizing a tokenization program for property for the first time in the Middle East and integrating blockchain technology with traditional property deeds. The DLD has started a pilot program to test out the project and aims to advance technological improvements in the Middle East to embrace blockchain innovation.
The DLD has started a project to modernize its real estate sector, being the first organization in the UAE to tokenize real estate. The DLD aims to promote Dubai real estate and is responsible for registering property in the country. The project includes collaboration with the Dubai Future Fountain (DFF) and the Virtual Assets Regulatory Authority (VARA). Together, these organizations aim to change the way people buy and sell property.
“By converting real estate assets into digital tokens”, said Marwan Ahmed Bin Ghalita, Director General of DLD, ”recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes”.
The project aims to facilitate multiple owners investing in a single project, a rather difficult process traditionally. However, with the use of blockchain, the process could be made much simpler, allowing for low-threshold investments in real estate and the added democratization of finance. The use of blockchain streamlines the real estate process, making investing much easier for people to do.
“Amid rapid technological advancements and the increasing reliance on digital solutions,” said Marwan, Director General of DLD, “real estate tokenization emerges as a revolutionary tool driving fundamental change in the real estate sector. By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes”.
With the pilot scheme, digital tokens in real estate will allow fractional ownership of property, increasing asset liquidity and allowing more minor investors access to the market. The alternative model would be to crowdsource the property market; however, doing so would be a less structured approach than the tokenization process. However, obstacles exist to the tokenization process, particularly regarding land use after the fractional property division.
The project further aims to bring external investors into Dubai with ease of use and with the backing of the legal frameworks so that the entire process, thanks to the DLD, is fast and reliable. This coincides with the Dubai Economic Agenda D33, which aims to adopt digital technology, making the city a global hub regarding innovation.
“This pioneering project is part of the recently launched ‘REES’ Real Estate Innovation Initiative”, said Marwan, Director General of DLD, “designed to attract diverse technology firms. It aligns with our strategy to unlock new opportunities for innovative real estate product
