The launch of the Middle East’s inaugural government-supported tokenization of real estate title deeds marks a significant milestone in Dubai’s evolving property landscape. By utilizing the open-source XRP Ledger (XRPL), this initiative, under the Dubai Land Department (DLD), aims to modernize the buying, selling, and financing processes of real estate assets. The pilot program, developed with the tokenization firm Ctrl Alt, successfully integrates blockchain technology with Dubai’s existing land registry, establishing a compliant link between the traditional system and innovative digital solutions.
Leveraging Blockchain Technology
The introduction of the XRP Ledger has been acknowledged positively by Ripple’s development team. They highlighted the selection as a “transformational moment for Dubai’s real estate sector,” emphasizing XRPL’s proven stability and reliability in facilitating the tokenization of both digital and physical assets.
Ctrl Alt has designed an efficient framework that generates fractional title tokens, allowing investors to have a partial ownership stake in registered properties. Their technology directly connects to DLD databases, enabling real-time updates to government records with every on-chain transaction. Matt Ong, CEO of Ctrl Alt, remarked on the collaborative effort with the DLD to democratize real estate investment, noting that Dubai’s shift towards modern finance is exceptional.
During the pilot, UAE-ID holders can engage through the PRYPCO Mint platform, with an entry investment of AED 2,000 (approximately $545). While transactions are conducted in dirhams and not cryptocurrency, ownership transfers are securely registered as tokens on XRPL. The DLD anticipates that the initiative will facilitate a total fractional-deed issuance of approximately AED 60 billion ($16 billion) by 2033, which is projected to represent about seven percent of property transactions in that timeframe.
This innovative program aligns with Dubai’s broader strategic goals to enhance the real estate sector, specifically through the Real Estate Sector Strategy 2033 and the Dubai Economic Agenda (D33). By advocating for digital-first reforms, these frameworks aim to attract new capital and improve regulatory competitiveness. The oversight is structured, with DLD managing the physical assets while the Virtual Assets Regulatory Authority (VARA) licenses Ctrl Alt, ensuring that tokenized deeds comply with established provenance standards.
The integration of XRPL showcases its most prominent government application to date. Since its inception in 2012, XRPL has handled nearly two million transactions daily, providing quick finality and low fees—critical characteristics for expanding the fractional real estate market while maintaining a user-friendly experience.
Ctrl Alt boasts a robust history of success, having tokenized approximately $295 million in various alternative assets up to May 2025. However, the real estate venture represents a central role within Dubai’s vibrant property market, which recorded over $218 billion in transactions last year, according to official data.
While the initiative promises to enhance accessibility, authorities have issued cautionary notes regarding potential risks. Ctrl Alt advises investors of the inherent volatility associated with virtual assets, emphasizing that fractional deed ownership does not include traditional investor protections.
Should the pilot project succeed, Dubai could achieve a groundbreaking feat by maintaining live records of property transfers on a public blockchain, cutting settlement times from weeks to mere minutes. This shift would democratize access beyond affluent buyers and generate transparent data streams for regulatory authorities and developers alike. The PRYPCO Mint portal is active, the first properties have been tokenized, and transactions are irrevocably recorded on XRPL, signaling Dubai’s intentions to revolutionize its real estate sector.
As of now, XRP is valued at $2.34.
