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Dubai is moving ahead with blockchain integration in real estate through a new pilot project that allows tokenized property ownership. A major part of this effort is being led by Ctrl Alt, a digital asset infrastructure company selected as the official tokenization partner for the Dubai Land Department’s latest initiative.
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Ctrl Alt has teamed up with the Dubai Land Department (DLD) to bring property tokenization to the Emirate’s real estate sector. The project, created under the Real Estate Evolution Space Initiative (REES), also involves the Virtual Assets Regulatory Authority (VARA), Dubai Future Foundation, and PRYPCO. It is the first time in the Middle East that a public blockchain is being used by a government land registration authority to tokenize property title deeds.
Ctrl Alt has built out the infrastructure to support the entire process — from structuring and minting tokens to synchronizing them with traditional property ledgers. Through direct integration with DLD, the platform aligns real-world records with blockchain data. The goal is to maintain regulatory compliance while increasing transparency and expanding access.
Properties are being divided into digital shares, or tokens, that investors can buy through PRYPCO’s live platform. By using PRYPCO Mint, investors with an Emirates ID can join with as little as AED 2,000. The XRP Ledger was chosen for its proven record of reliability and efficiency in asset tokenization.
Matt Ong, CEO and founder of Ctrl Alt, expressed his enthusiasm for the partnership. “We’ve been working closely with the DLD on this project for some time, and we’re delighted to be taking this major step together to bring real estate investment to a wider audience,” he said. “Dubai’s leadership in embracing next-generation financial technologies is truly world-class and this project is a powerful signal of what’s to come.”
Ctrl Alt’s technical expertise helps DLD’s broader network of partners offer fractional real estate to more investors. The tokenization model allows people to co-own properties without buying entire units, which reduces the cost barrier for entry.
Dubai aims to create a $16 billion tokenized real estate market by 2033. That would represent 7% of all real estate transactions in the city. The initiative also supports Dubai’s Real Estate Sector Strategy 2033 and the Dubai Economic Agenda (D33), both of which target greater adoption of digital tools to strengthen competitiveness and modernize infrastructure.
Earlier this year we reported on Deloitte expecting the tokenized real estate market to expand from under $300 billion in 2024 to $4 trillion by 2035. Tokenized loans and securitizations could make up over $2 trillion of that total, while private real estate funds may contribute $1 trillion. Early projects like T-RIZE Group’s residential development in Canada show growing interest. Tokenization also opens the door for customized real estate portfolios focused on preferences such as location or sustainability.