TechFlow News, March 20 — According to Cointelegraph, the Dubai Land Department (DLD) has begun piloting a real estate tokenization initiative.
The project is launched through a collaboration between the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), Dubai's cryptocurrency regulator. Authorities project that by 2033, the market value of tokenized real estate could exceed $16 billion—accounting for 7% of Dubai’s total real estate transaction volume, according to the agency.
Marwan Ahmed Bin Ghalita, Director General of DLD, said: "By transforming real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances the processes of buying, selling, and investing."
A senior executive at a VARA-regulated RWA platform noted that DLD’s new project will open Dubai’s real estate market to global investors.
