Dubai launches real estate tokenization pilot, expected to reach a market size of $16 billion by 2033

BlockBeats News: On March 20th, Dubai Land Department (DLD) announced the launch of a real estate tokenization pilot project, becoming the first real estate registration agency in the Middle East to use blockchain technology to manage property ownership certificates. This project is jointly developed by Dubai Land Authority, Virtual Asset Regulatory Authority (VARA), and Dubai Future Foundation (DFF). Dubai Land Authority predicts that by 2033, the tokenized real estate transaction volume will reach 60 billion dirhams (approximately 16 billion US dollars), accounting for 7% of the total real estate transaction volume in the city. Marwan Ahmed Bin Ghalita, Director General of Dubai Land Authority, stated that the project will "simplify and enhance the process of local real estate buying, selling, and investment." The Land Authority is currently working with technology companies to improve the pilot project and will gradually expand its scale thereafter.