Dubai: Second tokenised property sold in record time of under 2 minutes

The second tokenised property was fully funded in a record-breaking one minute and 58 seconds, attracting 149 investors from 35 nationalities, the Dubai Land Department said on Wednesday.

This strong demand pushed the waiting list to over 10,700 investors, reflecting rising confidence and strong interest in digital real estate ownership solutions across the emirate, it said.

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“The demand blew us away. Tokens were snapped up faster than anyone expected, and your belief and swift action made this possible. Don’t worry, our next property drop is coming soon,” Prypco said after the property was sold in a record time.

The first tokenised project was fully funded within a day. The property attracted 224 investors from over 40 nationalities, with an average investment amount of Dh10,714.

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In May, the Dubai Land Department (DLD) launched the region’s first tokenised real estate investment project through the ‘Prypco Mint’ platform in collaboration with the Virtual Assets Regulatory Authority (Vara), the Central Bank of the UAE, the Dubai Future Foundation (DFF) through the Real Estate Sandbox.

The platform allows fractional investment in premium Dubai properties through blockchain-based tokens starting from just Dh2,000.

The first tokenized unit was based in one of Damac Properties projects in Business Bay while the second listing featured a one-bedroom apartment at Kensington Waters in Mohammed Bin Rashid City, developed by Ellington. Both the properties were priced below market to attract more investors.

“As the platform expands its projects and partnerships, it is helping to shape a future where tokenized assets are expected to become a central part of Dubai’s property market by 2033. Amid this momentum, Dubai Land Department invites interested individuals to register early and set up their accounts to take advantage of upcoming offerings before they sell out, unlocking investment opportunities in one of the world’s most dynamic and innovative real estate destinations,” the Dubai Land Department said on Wednesday.

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.