On March 20, the Dubai Land Department (DLD) announced the launch of a real estate tokenization pilot project, becoming the first real estate registry in the Middle East to use blockchain technology to manage property ownership certificates. The project was jointly developed by the DLD, the Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation (DFF). The DLD expects that by 2033, the tokenized real estate transaction volume will reach 60 billion dirhams (about $16 billion), accounting for 7% of the total real estate transaction volume in the city.
Marwan Ahmed Bin Ghalita, Director General of the DLD, stated that the project will "simplify and enhance the process of buying, selling, and investing in local real estate," and the Land Department is currently working with technology companies to improve the pilot project, which will then be gradually expanded.
