68% of Tokenized Property Investors in Dubai Are First-Time Buyers: Dubai Land Department
Main Idea
Dubai's tokenized real estate initiative has attracted a significant number of first-time buyers, with the market projected to reach $16 billion by 2033, as part of the city's broader blockchain strategy.
Key Points
1. 68% of the 1,025 investors in Dubai's tokenized real estate projects are first-time buyers.
2. The Real Estate Tokenization Project has funded five ventures using blockchain technology.
3. The tokenized real estate market in Dubai is projected to reach $16 billion by 2033, accounting for 7% of total property transactions.
4. Globally, the tokenized real estate market is expected to reach $16 trillion by 2030, with significant projects like Bergen County's deal to tokenize 370,000 property deeds on the Avalanche blockchain.
5. Dubai's initiative is part of the UAE's digital economy push under the Dubai Economic Agenda D33, involving collaboration between the DLD, VARA, and the Dubai Future Foundation.
Description
Dubai’s real estate market is witnessing a surge in new investors thanks to its innovative tokenization initiative. Key Takeaways: Dubai’s tokenization initiative has attracted 1,025 investors, with 68% being first-time real estate buyers. The Real Estate Tokenization Project has funded five ventures using blockchain technology. The tokenized real estate market in Dubai is projected to reach $16 billion by 2033. According to Mahmoud AlBurai, Senior Director of Real Estate Policies and Innovation...
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