In a first-of-its-kind move for the Middle East, Dubai’s Land Department (DLD) has launched a government-backed property tokenisation pilot on the XRP Ledger (XRPL). The initiative, part of the Real Estate Evolution Space (REES) programme, integrates blockchain technology with the city’s conventional land registry, creating a legally compliant on-chain record of property ownership.
By adopting XRP Ledger as the settlement layer, Dubai is positioning itself at the forefront of blockchain-powered real estate finance. The initiative is being executed in collaboration with Ctrl Alt, a London and Dubai-based tokenisation specialist, and marks a major stride in real-world asset (RWA) tokenisation.
XRP Ledger: Chosen for Speed, Scale and Reliability
Ripple’s developer arm, RippleX, hailed the selection of XRPL as a “massive milestone for Dubai’s real estate market.” The ledger, known for its low fees, high transaction throughput and near-instant settlement finality, was selected for its proven ability to handle large-scale tokenisation of both digital and tangible assets.
XRPL has been operational since 2012 and processes nearly two million transactions per day. Its track record in reliability, combined with an open-source infrastructure, made it the preferred choice for Dubai’s regulatory and technical requirements. For this pilot, XRP itself is not used for settlement, transactions are denominated in UAE dirhams. However, ownership of tokenised property is recorded as bearer tokens on the XRP Ledger, creating a secure, tamper-resistant digital ledger.
Tokenised Deeds with Legal Finality
Ctrl Alt’s infrastructure forms the technological backbone of the project. Each token represents a fractional interest in a registered property, tied directly to the DLD’s central database. When a token is transferred on-chain, the corresponding change is automatically mirrored in the government registry, preserving legal validity and eliminating the need for traditional paperwork.
This synchronisation between blockchain and government systems is what sets the Dubai initiative apart from other real estate tokenisation attempts worldwide. It ensures real-time compliance with land ownership laws, a feat rarely achieved at this scale.
Matt Ong, CEO of Ctrl Alt, described the partnership as a significant step toward democratising real estate investment. “We’ve been working closely with the DLD to bring property ownership to a broader demographic,” he said, noting that the project exemplifies Dubai’s progressive stance on financial technology.
Retail Participation with AED 2,000 Minimum
Retail investors in the UAE can already begin participating via the PRYPCO Mint portal, with a minimum investment ticket of AED 2,000 (approximately USD 545). Although crypto is not used for payments, the blockchain-based tokens act as the definitive record of ownership, with each token tied to a specific share in the physical asset.
The initiative targets a cumulative issuance of AED 60 billion in fractional deeds by 2033, roughly 7% of Dubai’s projected property market transactions in that year. By lowering the barrier to entry and streamlining settlement, the model opens property investment to a much wider audience, moving beyond high-net-worth individuals to include retail participants and first-time buyers.
Ctrl Alt is licensed as both broker-dealer and issuer by Dubai’s Virtual Assets Regulatory Authority (VARA), ensuring the tokenised assets meet rigorous standards for provenance, compliance and investor protection. DLD, meanwhile, maintains oversight of the underlying physical real estate, safeguarding the legal linkage between token and asset.
A New Standard for Real Estate Markets?
If successful, the Dubai pilot could serve as a global blueprint for blockchain integration in property markets. Currently, real estate transfers can take weeks due to extensive paperwork and verification requirements. With XRP Ledger, this timeframe could shrink to minutes, dramatically improving market liquidity and transparency.
Moreover, the tokenised deeds provide regulators and developers with real-time, machine-readable data streams. This increased transparency can support better policy design, urban planning and risk management across the sector.
Ctrl Alt’s broader tokenisation experience spans $295 million in alternative assets, including private credit and litigation finance. However, Dubai’s high-value property sector worth over $218 billion in 2024 alone, represents a significantly larger and more complex challenge. This pilot project is its most ambitious deployment yet, and it’s backed by both the Real Estate Sector Strategy 2033 and the Dubai Economic Agenda (D33), which prioritise digital transformation as a cornerstone of economic competitiveness.
Caution for Early Adopters
Despite the optimism, investors are advised to proceed with caution. As with all digital asset investments, deed tokens come with inherent risks. Ctrl Alt has issued a warning that fractional ownership does not confer traditional investor protections and that tokens may be subject to extreme volatility or even complete loss of value.
Nonetheless, the infrastructure is live, the first apartments are tokenised, and all transactions settle directly on XRP Ledger, establishing a bold precedent for on-chain property markets. If the initiative gains traction, Dubai could become the first jurisdiction to maintain a legally recognised, real-time mirror of its property market on a public blockchain.
This leap toward decentralised property records and tokenised finance may well redefine the future of real estate not just in the Gulf, but worldwide.
