Dubai Advances Real Estate Digitization
In a significant step forward, the Dubai Land Department (DLD) and blockchain technology firm Ctrl Alt have launched a secondary market for real estate-backed tokens. This platform enables the resale of partial property ownership valued at $5 million, marking a breakthrough in liquidity for the real estate sector in the region.
Innovative Blockchain-Based Infrastructure
The tokens are built on the XRP Ledger and backed by ownership certificates, ensuring that each token represents a tangible asset. Transactions are synchronized in real-time with Dubai’s land registry and securely managed through Ripple Custody, providing transparency, efficiency, and traceability.
Dubai’s Blockchain Vision
This initiative forms a core component of Dubai’s ambitious 2033 roadmap to tokenize $16 billion worth of real estate assets. By integrating blockchain technology, Dubai aims to build a more open, efficient, and transparent real estate investment environment.
- Facilitates partial ownership trading
- Enhances market liquidity and investment flexibility
- Strengthens Dubai’s position as a global blockchain hub