Dubai property developers can now offer their units for tokenisation on Prypco Mint, the region’s first real estate tokenisation platform. This platform was launched in partnership with the Dubai Land Department (DLD) and other government bodies, according to Amira Sajwani, founder and CEO of Prypco.

The platform’s first listing, a two-bedroom apartment in Damac Prive Tower, Business Bay, was fully funded in just one day. It attracted 224 investors from over 40 countries, with the average investment at Dh10,714. Through blockchain technology, Prypco Mint allows people to own a small share of high-end Dubai properties, with investments starting from as low as Dh2,000.

Prypco Mint is a joint effort between Prypco and the DLD, licensed by the Virtual Assets Regulatory Authority (VARA), and supported by Zand Bank as its banking partner.

More Developers Expected to Join

After the successful launch, several developers, including those not affiliated with Damac, have shown interest in listing their properties.

“We welcome properties from any developer, as long as they offer good value,” said Sajwani. “Since we’re still in the pilot phase, we’re moving step by step to make sure the system works well.”

Last week, the Dubai Land Department issued the world’s first Property Token Ownership Certificate, confirming the official sale of the first tokenised real estate unit on Prypco Mint. Interest remains strong, with over 6,000 people currently on the waitlist.

Below Market Price to Attract Investors

Amira said the first property was offered at a below-market price to encourage early participation.

“The actual market price was around Dh3 million, but we listed it at Dh2.4 million. This gave investors an immediate gain and attractive rental income,” she said.

She also noted that many people like the idea of owning real estate without needing large amounts of money or taking on loans, some investing as little as Dh2,000.

Currently, the platform is open only to UAE residents, but plans are in place to allow international investors in the future.

Indian Investors Take the Lead

“We launched this to test interest, and the response was amazing,” Sajwani said. “Our website had 3.6 million visits on launch day. We’re still getting many questions about the next listings.”

Investments ranged from Dh2,000 to Dh250,000 for the Dh2.4 million unit. Indian investors made up the largest group, followed by UAE nationals.

Strong Returns

Sajwani, who also serves as Managing Director of Damac Properties and COO of Amali Properties, explained that returns from tokenised properties are similar to regular real estate investments.

“Rental yields in Dubai are usually between 5% and 7%, depending on the area and future value growth. The same applies to tokenised units; the main difference is that you’re investing alongside others,” she said.

When asked about offering off-plan properties through the platform, Sajwani said it would depend on future government approvals.

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