Dubai clocks practically $400M in tokenized actual property gross sales

Dubai’s actual property market hit nearly $400 million in tokenized property gross sales amid main institutional strikes, together with RWA inclusion in VARA tips and the launch of a government-backed RWA platform by the DLD.

Dubai’s actual property market recorded over $399 million in tokenized property gross sales in Might, accounting for 17.4% of complete transactions. The milestone got here amid a broader actual property increase, with complete property gross sales reaching 66.8 billion dirhams (roughly $18.2 billion) throughout 18,700 transactions, in line with figures reported by Cointelegraph.

The gross sales milestone comes on the heels of main regulatory and institutional developments geared toward advancing actual property tokenization in Dubai. On Might 19, the Digital Asset Regulatory Authority, town’s crypto regulator, up to date its tips to formally embody real-world asset tokenization.

Moreover, on Might 25, the Dubai Land Division, in collaboration with the Central Financial institution of the UAE and the Dubai Future Basis, launched a regional tokenized actual property platform that permits buyers to buy fractional possession in secondary-market properties.