The tokenised real estate market in Dubai is red hot, with the recent project on the PRYPCO Mint platform selling out in one minute and 58 seconds, becoming the new record of digital property investment in the emirate.
The Dubai Land Department (DLD) stated that the project saw the participation of 149 investors representing 35 countries, which indicates the growing status of Dubai as an international hub of technology-enabled and user-friendly real estate investment.
The sale is the second tokenised property sold on PRYPCO Mint, a platform established as part of the Dubai Property Tokenisation Initiative, which aims to support the Dubai Digital Economy Strategy of selling 50 per cent of all properties in Dubai by 2026. The initiative aims at offering real estate investment to a wider range of people by adopting fractional ownership.
PRYPCO Mint allows people to become partial owners of a property with as little as AED 2,000 ($545). This paperless procedure allows individuals a convenient and safe way to invest in move-in ready homes without having to go through the expense and protracted processes that property transactions are known to be.
The apartment that was just sold is a one-bedroom luxury apartment in Kensington Waters, Mohammed Bin Rashid City. The unit, which was initially priced at AED 1.875 million ($510,500), was offered at a special price of AED 1.5 million ($408,000), bringing investors instant value and equity.
In Dubai, the tokenised real estate demand is increasing drastically. As a matter of fact, the list of interested investors waiting to purchase PRYPCO Mint properties in the future has already topped 10,700 names, demonstrating the increased trust in blockchain-driven real estate applications.
This sell-out in such a short time not only shows the success of tokenised property in Dubai but fractional digital ownership appeal in general. بح말љуWith the assistance of the Dubai Land Department once again and the utilisation of state-of-the-art solutions, such as PRYPCO Mint, Dubai is soon going to become one of the world leaders in the tokenisation of real estate investing.
