Dubai's first tokenised property project sells out on launch day with 224 investors

Dubai's first tokenised property project sold out within a day of its launch, attracting 224 investors, with 70 per cent of them entering the emirate's real estate market for the first time.

The individual investors, representing 44 nationalities, paid Dh10,714 ($2,917) each on average for the tokenised shares in ready-to-own properties, the Dubai Land Department said in a statement on Thursday.

“As the region's first platform of its kind, the initiative continues to draw significant interest, with the waiting list exceeding 6,000 requests,” the government body said.

“This surge in demand reflects Dubai’s growing appeal to new segments of global investors seeking innovative and accessible property ownership models.”

The DLD developed the project in collaboration with the Virtual Assets Regulatory Authority, the Central Bank of the UAE and the Dubai Future Foundation through the Real Estate Sandbox. It is being executed through Prypco Mint.

Currently, only Emirates ID holders will be able to invest in the project before it opens up to international investors in the “near future, with additional platforms to be integrated in later phases”, the DLD said during the official launch of the pilot phase on May 25.

The initiative aims to broaden the real estate investor base while improving transparency and accelerating transaction processes.

The project offers investment opportunities through the purchase of tokenised shares in ready-to-own properties in Dubai, starting from Dh2,000.

Dubai Land Department Unveils first-of-its-kind property token ownership certificate. Handout

All transactions are carried out exclusively in UAE dirhams, with no use of cryptocurrencies during the pilot phase, the DLD had said. Through the platform, investors can access all the property details, including pricing, risk factors, and technical specifications.

DLD is currently working to allow real estate developers to list their projects on the platform, further expanding the initiative’s scope and unlocking opportunities for digital property investment, it said on Thursday.

The project, announced in March, focuses on converting real estate assets into digital tokens recorded on blockchain, helping to streamline the process of buying, selling and investing.

Real estate tokenisation enables fractional property ownership, where each asset is divided into shares based on investors' budget and financial strategy. This allows investors to acquire a portion of a property without fully purchasing it.

Dubai’s real estate tokenisation market is forecast to reach Dh60 billion by 2033, representing 7 per cent of the emirate’s total property transactions, according to government data.

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

21 Lessons for the 21st Century

Yuval Noah Harari, Jonathan Cape

How it works

Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.

Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.

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Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.

MATCH INFO

Manchester City 2 (Mahrez 04', Ake 84')

Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)

Man of the match: Jamie Vardy (Leicester City)

While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

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Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

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US versus China

Sulaiman Hakemy: Who really deserves to rule the Arctic?

Ni Jian: Covid-19 origins are a matter for science, not politics

Editorial: Global collaboration for a vaccine is the way to go

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

HOW TO WATCH

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While you're here

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Michele Wucker: The difference between a black swan and a grey rhino

Robert Matthews: Has flawed science and rushed research failed us?

The biog

Hobby: Playing piano and drawing patterns

Best book: Awaken the Giant Within by Tony Robbins

Food of choice: Sushi

Favourite colour: Orange

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

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Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

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How much sugar is in chocolate Easter eggs?

The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
The Cadbury Creme Egg contains 26g of sugar per 40g egg