Dubai Land Department announces pilot of real estate tokenization project to tokenize real estate to simplify transactions

Odaily News Dubai Land Department DLD has started a pilot project to tokenize real estate. The project is a collaboration between Dubai Future Foundation (DFF) and Dubai’s cryptocurrency regulator Virtual Asset Authority (VARA). The authority expects the market value of tokenized real estate to exceed $16 billion by 2033, which, according to the agency, is equivalent to 7% of Dubai’s total real estate transactions.
"Tokenization simplifies and enhances the buying, selling and investment processes by converting real estate assets into digital tokens recorded on blockchain technology," said Marwan Ahmed Bin Ghalita, director general of the DLD. (Cointelegraph)