Where the DLD project stands today
As of 18 July 2026, the Dubai Land Department Real Estate Tokenisation Project is in Phase II.
DLD announced the pilot in March 2025. The first investor offer opened through PRYPCO Mint in May 2025. Phase I tested the law, the technology, property registration, investor checks, payments and the first sale of property shares.
Ctrl Alt later reported that ten properties worth more than AED 18.5 million were tokenized in Phase I.
Phase II started on 20 February 2026. Its main job is to test resale. DLD said about 7.8 million property tokens could be offered for resale inside a controlled market.
VARA issued a warning one day before resale started. It said Phase II was still a controlled test. It also warned people not to trust firms that claim approval when they do not have it.
The market is live, but it is not a fully open global market. Wider access and more platforms depend on what DLD and VARA learn from Phase II.
Phase I compared with Phase II
| Area | Phase I | Phase II |
|---|---|---|
| Main goal | Test the first purchase and registration of tokenized property shares | Test the resale of existing property tokens |
| Start | March 2025, with investor sales starting in May 2025 | 20 February 2026 |
| What investors could do | Buy shares in ready properties offered through PRYPCO Mint | List eligible tokens for sale and buy eligible resale tokens |
| Scale reported | Ten properties worth more than AED 18.5 million | About 7.8 million tokens eligible for controlled resale |
| Market status | Initial pilot completed | Controlled testing and review |
| Main question | Can a real property share be sold, tokenized and registered correctly? | Can the share be sold again while the DLD record stays correct? |
Phase I proved that the first sale could work. Phase II is testing what happens after that sale.
The second test is harder. A token can be created quickly. A real market needs buyers, fair prices, clean records, working payments and clear rules when something goes wrong.
How title ownership is represented
This is the most important part of the system.
The token is not a picture of a home. It is not a points system. It represents a real share in a Dubai property.
PRYPCO says each investor directly owns a part of the property based on the amount invested. That share is registered in the investor name with DLD. The DLD register is the main legal record of ownership.
Ctrl Alt provides the token and custody system. The tokens are held in a shared custody account. PRYPCO says it remains responsible for the investor assets shown on its platform.
For Phase II, Ctrl Alt said the blockchain records run on the XRP Ledger and use Ripple Custody technology. This gives the system a record of token transfers. The DLD register still remains the key legal record for the property share.
If the blockchain record and the land record ever disagree, the DLD record is the record that proves the property interest.
Who can invest
An individual investor must be at least 18 years old. The investor must complete identity and source of funds checks. PRYPCO may ask for a passport, proof of address, work details and information about where the money came from.
The usual minimum investment is AED 2,000. This can change by property or offer.
One investor cannot buy more than 20 percent of a single property.
At the May 2025 launch, DLD said the platform was open to UAE ID holders. DLD also said global access would come later. Current PRYPCO terms ask for a country of residence and say a person must not invest from a place where the investment is illegal.
I did not find a later DLD notice that clearly says every international investor now has full access to tokenized property. A person outside the UAE should check eligibility before sending money.
Which platforms are available
PRYPCO Mint is the only investor platform I could verify as live inside the DLD tokenization project.
It is the place where approved users can view properties, fund a purchase, receive income and list eligible tokens for sale.
Ctrl Alt is not a retail property shop. It provides the token system, connects the token record to DLD and supports custody.
Zand Bank holds client cash in a separate client money account. PRYPCO says this cash is kept apart from its own operating money.
PRYPCO Blocks is a different product. It is a real estate crowdfunding platform. It should not be confused with the DLD property token system on PRYPCO Mint.
DLD has said more platforms may join later. As of this update, I did not find an official DLD or VARA notice naming another live investor platform in the project.
How secondary market resale works
The resale market is the main change in Phase II.
An investor must first wait through a three month holding period. After that period, the investor may list some or all of the property tokens for sale on PRYPCO Mint.
The asking price must stay within 15 percent above or below the latest DLD smart valuation shown on the platform. The listing is then shown to approved buyers.
If a buyer accepts the offer, the token record changes and the DLD ownership record must stay in line with it.
There is another way to exit. Investors can vote to sell the full property. PRYPCO describes the required simple majority as 50 percent plus one of the votes counted. Costs are paid after the sale. The remaining money is shared based on ownership.
Selling tokens before a rental payment date can mean losing the right to that payment.
The key risk is simple. Listing is not the same as selling. A token may sit in the marketplace if no buyer wants it at the offered price.
Fees and other costs
The table below uses the current PRYPCO Mint site and terms. Fees can change. Each property can also carry other costs.
| Cost | Current published amount | When it applies |
|---|---|---|
| DLD fee | 2 percent | PRYPCO says token investors pay 2 percent instead of the usual 4 percent |
| Acquisition fee | 2 percent of the funding target | When the property is bought |
| Management fee | 0.5 percent of the funding target | Listed in the investor terms |
| Exit fee | 1 percent of the sale value | When the property or an investor share is sold |
| Incentive fee | Up to 15 percent of the gain above the funding target after costs | If the property sells for more than the funding target |
There may also be costs for valuation, brokerage, registration, utility deposits, repairs, maintenance, bank transfers and currency exchange.
PRYPCO keeps a reserve fund for maintenance. The terms say unused money should be returned at the end of the investment term or when an investor exits after the holding period.
The fee section lists a 0.5 percent management fee. Another part of the terms mentions an annual administrative fee. It does not clearly say these are the same fee. I would check the property file and ask PRYPCO to confirm the amount and timing before investing.
PRYPCO says it can change fees after giving investors written notice. The property page and legal terms should always be checked before payment.
The main risks
The property can lose value
Tokenization does not protect the price of the home. If Dubai property prices fall, the token value can fall too.
Rental income is not promised
A unit may be empty. A tenant may leave. Repairs, service charges, insurance and management can reduce the amount paid to investors.
A resale still needs a buyer
The marketplace makes resale possible. It does not promise a fast sale. The group of approved buyers may be small. A seller may need to wait or accept a lower price inside the allowed range.
The valuation may be old
PRYPCO says property valuations are done at least every six months. A fast market can move before the next valuation. The shown value is an estimate. It is not a promised sale price.
Access is controlled
Investors cannot send the token to any wallet or sell it anywhere they want. Transfers must follow the approved platform process, identity checks, DLD rules and VARA rules.
Custody and platform risk still exist
Ctrl Alt provides custody for the property tokens. PRYPCO runs the investor account and says it remains responsible for the assets shown on its platform. A system problem may delay access even if the DLD ownership record still exists.
Rules can change
Phase II is still a test. DLD and VARA can change access, platform rules or the path to a full market after reviewing the results.
Fees can reduce the return
The DLD fee, acquisition fee, management fee, exit fee, incentive fee and property costs can add up. A projected return should never be read as the return an investor will receive.
What is live and what is still planned
| Project or feature | Status on 18 July 2026 | What is confirmed |
|---|---|---|
| First property purchases through PRYPCO Mint | Live and completed under Phase I | DLD launched the platform in May 2025 |
| Ten tokenized properties | Completed | Ctrl Alt reported more than AED 18.5 million in property value |
| PRYPCO Mint resale marketplace | Live as a controlled Phase II test | Eligible tokens can be listed after the holding period |
| Resale of about 7.8 million tokens | Live inside the controlled pilot | DLD announced resale from 20 February 2026 |
| Wider international property access | Planned, but full launch not confirmed by DLD | DLD said global access would come later |
| More investor platforms | Planned and under study | DLD said more platforms may join after review and approval |
| Full open market or Phase III | Not announced | No official launch date found |
The difference between live and planned matters. Many firms use the words tokenized real estate in marketing. VARA says a firm that sells, promotes or supports these products in Dubai needs the right approval. Investors should check the VARA public register and official DLD notices.
Official timeline
- 19 March 2025DLD announced the pilot under its REES initiative and said tokenized property could reach AED 60 billion by 2033.
- 25 May 2025DLD opened the first investor offer through PRYPCO Mint with a starting amount of AED 2,000.
- 11 June 2025DLD said the second tokenized property was funded in one minute and 58 seconds by 149 investors from 35 nationalities.
- 9 February 2026DLD announced Phase II and said resale would begin on 20 February.
- 19 February 2026VARA confirmed that Phase II was a controlled test and warned against unapproved marketing claims.
- 20 February 2026Phase II resale went live through the project partners.
- 18 July 2026I found no official DLD or VARA announcement of a full open market or Phase III.
My view
Dubai has solved the first hard problem. It connected a property token to a real land record.
That matters more than the blockchain name or the speed of the first sale. The DLD record gives the token a clear link to a real property share.
The next hard problem is liquidity.
About 7.8 million tokens do not create a market by themselves. A market needs steady buyers, fair prices, clean transfers and enough time to show that people can exit without a large loss.
Phase II is where we find out if tokenized property can become a real market instead of a strong pilot.
For now, I see this as a useful new way to get small exposure to Dubai property. I do not see it as instant property trading. The asset is still real estate. It moves slowly, carries costs and depends on rent and buyer demand.
That is the honest way to understand the product.
This page is for information only. It is not investment advice.
Update log
Monthly updates
Phase II remains the latest official stage
I checked DLD, VARA, PRYPCO Mint and Ctrl Alt. I found no official Phase III date and no official notice naming a second live investor platform.
Clear answers
Frequently asked questions
What is the minimum investment for tokenized real estate in Dubai?
PRYPCO Mint says the usual minimum for real estate tokens is AED 2,000. The amount can change by property or offer.
Does a property token give direct ownership?
PRYPCO says each investor directly owns a share of the property. The share is registered in the investor name with Dubai Land Department.
Can an investor sell the token at any time?
No. The investor must first complete the three month lock in period. A later sale also needs an approved buyer in the marketplace.
Can investors outside the UAE join?
DLD said wider global access would come later. I did not find a later DLD notice confirming full property access for every country. A person outside the UAE should check eligibility before sending money.
Is the return guaranteed?
No. Property prices can fall, rent can stop, costs can rise and a resale may take time. Projected returns are not promised returns.
Primary material
Sources
- DLD launches the pilot phase of the Real Estate Tokenisation Project Dubai Land Department, 19 March 2025
- DLD launches the first tokenized real estate project through PRYPCO Mint Dubai Land Department, 25 May 2025
- DLD reports the second tokenized property sale Dubai Land Department, 11 June 2025
- DLD launches Phase II and secondary market resale Dubai Land Department, 9 February 2026
- Consumer and marketplace alert on the real estate tokenisation pilot Virtual Assets Regulatory Authority, 19 February 2026
- PRYPCO Mint platform PRYPCO Mint
- PRYPCO Mint terms and conditions PRYPCO Mint
- PRYPCO Mint broker dealer disclosure PRYPCO Mint
- Ctrl Alt and DLD launch Phase II Ctrl Alt, 20 February 2026