A Dubai property, which was listed as a tokenized property, was sold out in less than two minutes. According to reports, the one-bedroom apartment in Kensington Waters, Dubai, UAE, listed as a tokenized property by the Dubai Land Department (DLD)and PRYPCO Mint Platform sold out in 1 minute and 58 seconds.
The property at Kensington Waters was worth $653,000, the same value as the first tokenized property that was sold. In total PRYPCO Mint and DLD have sold so far $1.306 million worth of tokenized property in Dubai and the future will see more.
Dubai tokenized property sold out in 1 minute 58 seconds
This was the second tokenized real estate project sold by PRYPCO in the last few weeks. The second property, unlike the first, saw 149 investors from 35 nationalities purchase portions, while the first one attracted 224 investors from over 40 nationalities, with an average investment of $2,900.
The second property was valued at Dh1.5 million, offered at a discount from its estimated market price of Dh1.875 million. Fractional shares were made available starting at Dh2,000, enabling smaller investors to participate in real estate ownership. While the second listing sold out in 1 minute and 58 seconds, the first tokenized listing was sold out in 24 hours.
PRYPCO Mint, the blockchain platform for tokenizing real estate assets, is using the Ctrl Alt blockchain platform which is powered by XRP and Zand Bank for payments. The DLD and Ctrl Alt worked closely together on the development of a secure and compliant tokenization framework, focusing on structuring, minting, and placing real estate title deed tokens on-chain.
According to the Dubai Land Department, the waiting list for the second property was about 10,000, compared to the first which was 6,000, showing that trust is rising in the tokenized property market. Investors are encouraged to register early on the PRYPCO Mint platform to participate in upcoming projects, many of which are expected to see similarly high demand. The initiative is projected to contribute to the growth of an AED 60 billion ($16 billion) tokenized real estate market by 2033, equivalent to 7% of Dubai’s total property transactions.