Dubai Launches Secondary Market for Real Estate-Backed Tokens
- The Dubai Land Department (DLD) and Ctrl Alt introduced a secondary market for $5 million in fractional real estate ownership.
- Approximately 7.8 million tokens linked to ten properties in Dubai are now available for trading.
- Transactions will be recorded on the XRP Ledger blockchain and secured by Ripple Custody.
- Dubai aims to tokenize about $16 billion, or roughly 7%, of its real estate market by the year 2033.
- The tokenized real estate market is projected to grow, with estimates suggesting $4 trillion will be tokenized by the year 2035.
The introduction of this secondary market is part of Dubai’s strategy to become a leading hub for real estate tokenization. This initiative seeks to enhance liquidity and streamline ownership records through blockchain technology.
With the goal of tokenizing $16 billion worth of real estate, Dubai is taking significant steps towards integrating blockchain into property transactions, potentially transforming how ownership is managed and traded in the region.
