Dubai’s Land Department has successfully managed to sell its seventh tokenized property within just 18 minutes after launching it on the “Pripko Mint” platform. The total value of this transaction amounted to 1.9 million dirhams, involving 241 investors.
This particular property is the first residential apartment within a hotel, featuring one bedroom and located in the Dubai Marina area, specifically within the JW Marriott hotel. The entire funding of 1.9 million dirhams was completed in record time through contributions from the 241 investors, with partial ownership of such properties starting from 2,000 dirhams.
Since the launch of the property tokenization initiative in Dubai on May 25, the Land Department has attracted 1,600 investors through the offering of seven properties. These assets were fully funded in remarkably short times, with some transactions taking less than two minutes. This trend indicates a significant demand from investors for innovative real estate products of this nature.
The property tokenization project in Dubai operates under a regulatory framework established by the Land Department in collaboration with the VARA Authority, the Central Bank of the UAE, and the Dubai Future Foundation through the Dubai Real Estate Sandbox. The infrastructure supporting this initiative is managed by Ctrl Alt, which utilizes blockchain technology. Secure ownership tokens are issued on the XRP Ledger, while Zand Bank acts as the official banking partner to ensure robust and secure financial integration.