Continuing the approach of the Dubai Land Department to strengthen the emirate’s position on the global real estate technology map, as one of the key goals of the Dubai Real Estate Sector Strategy 2033, the department has launched the pilot phase of the “Real Estate Coding” project, which falls under the umbrella of the “REIS Real Estate Innovation Initiative.”
Key Numbers:
- 2033 – Target year for Dubai’s real estate strategy and coding impact.
- AED 60 billion – Expected market value of real estate coding by 2033.
- 7% – Projected share of real estate coding in Dubai’s total transactions.
- 1st in the Middle East – Dubai Land Department pioneers real estate coding on title deeds.
This initiative makes Dubai Land Department the first real estate registration authority in the Middle East to adopt real estate coding on a title deed, in collaboration with the Dubai Virtual Assets Regulatory Authority and the Dubai Future Foundation, through the “Real Estate Sandbox.”
Dubai Land Department anticipates that, thanks to this groundbreaking initiative, the value of the real estate coding sector in the emirate will witness tremendous growth, reaching AED 60 billion by 2033. This would represent 7% of the total real estate market transactions in Dubai.
In this context, Dubai Land Department held a workshop on “Real Estate Coding,” attended by several real estate technology companies, including a selection of leading global firms specializing in real estate asset tokenization technology.
A Revolutionary Tool
Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, stated:
“Amid rapid technological advancements and increasing reliance on digital solutions, real estate coding emerges as a revolutionary tool that is fundamentally transforming the real estate sector. It enables the conversion of real estate assets into digital tokens recorded on blockchain technology, simplifying and streamlining buying, selling, and investment processes. This aligns perfectly with Dubai Land Department’s vision of achieving global leadership in real estate investment, leveraging technology to develop real estate products, and fostering an environment that nurtures real estate innovation.”
He added: “This pioneering project is part of the REIS Real Estate Innovation Initiative recently launched by the department to attract multiple technology companies. It also aligns with our strategy to unlock opportunities and potential for new real estate products, enhance innovation in real estate infrastructure, increase transparency and governance, and provide a wider range of investors the opportunity to participate in major real estate projects in Dubai. We are pleased to collaborate with various public and private sector partners to elevate the digital ecosystem in the sector and enhance the efficiency and effectiveness of our operations. Following this year’s pilot launch, we will assess all outcomes and leverage recommendations to refine the project before its full official rollout.”
Project Objectives
The Real Estate Coding project aims to attract global technology companies and open new investment opportunities for the investor market. It seeks to diversify property ownership by allowing multiple individuals to purchase a single property through tokenized ownership. Additionally, the project aims to enhance Dubai’s position as a regional and global hub for virtual assets, strengthen the emirate’s competitiveness on both local and international levels, and increase investment awareness in virtual asset services and products.
Furthermore, it encourages innovations in the real estate sector, contributes to attracting investments and companies specializing in virtual assets to establish their operations in Dubai, and ensures the implementation of necessary systems to protect investors and stakeholders in the virtual assets market.
Real estate coding is the process of converting real estate assets into digital representations and tokens based on blockchain technology. Each asset is divided into shares according to the investor’s budget and financial strategy, allowing for fractional investment in real estate.
This marks a significant and innovative shift, enabling individuals to own a portion of a property without the need to purchase it entirely, utilizing modern technology. This approach differs from crowdfunding, which allows investors to enter the real estate market with small amounts through online platforms.
