Dubai and the Maldives are making significant strides in tokenizing real estate projects valued in the millions. This week, the Dubai Land Department announced the second phase of its real estate tokenization pilot program. This initiative has already seen approximately $5 million worth of Dubai real estate tokenized, resulting in the resale of over 7.8 million tokens.
The infrastructure partner, Ctrl Alt, will issue "Asset-Referenced Virtual Asset management tokens" for secondary market transfers. Transactions will be recorded on the XRP Ledger, secured by Ripple Custody. The Dubai Land Department forecasts this project could contribute $16 billion by 2033, representing 7% of total property transactions.
Meanwhile, a Trump-branded resort development in the Maldives is also set to tokenize its initial phase. Real estate firm DarGlobal and crypto company World Liberty Financial, backed by Donald Trump and his sons, are partnering with Securitize for this venture. DarGlobal's CEO anticipates tokenization will broaden investor access to real estate opportunities.
These developments highlight the growing adoption of blockchain technology in traditional asset classes.