Dubai’s Second Tokenized Apartment Launches at $653,000

@Paul, this matter is related to market knowledge and industry coverage, so I’m assigning it to you.

The key event is that the Dubai Land Department and PRYPCO are launching their second tokenized real estate property worth $653,000. The first tokenized property had sold out in 24 hours, reflecting strong investor interest. The new offering is a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, and will allow fractional ownership. This initiative aims to democratize property ownership and will soon be open to international investors.

Editor-in-chief,

According to reports from Zawya, Cryptopolitan (via Binance Square), Gulf Business, and LARA on the Block, all dated June 10, 2025, the Dubai Land Department (DLD) and PRYPCO have announced their second tokenized real estate property. This new offering, a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, is valued at AED 1.5 million (approximately $653,000 USD or $408,404 USD, according to different exchange rate calculations in the reports). It is being offered at a discounted rate compared to its estimated market value of AED 1.875 million (or AED 1.88 million as per one source). This initiative allows for fractional ownership, with investments starting from AED 2,000 (approximately $544 USD or $540 USD). The second tokenized property was scheduled to go live on June 11, 2025.

The first tokenized property, a two-bedroom apartment in Business Bay, was launched on May 25, 2025, and sold out in less than 24 hours. That property was listed at AED 2.4 million (approximately $653,000 USD), below its DLD valuation of AED 2.89 million, and attracted 224 investors from over 40 nationalities with an average investment of AED 10,714 (approximately $2,900 USD). The Dubai Land Department issued Property Token Ownership Certificates to these investors, officially recognizing this blockchain-backed ownership.

This real estate tokenization project is a joint initiative between the DLD and PRYPCO, licensed by the Virtual Assets Regulatory Authority (VARA). It operates under a framework developed in partnership with VARA, the Central Bank of the UAE, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Ctrl Alt provides the blockchain infrastructure, issuing secure ownership tokens on the XRP Ledger, while Zand Bank serves as the official banking partner.

Currently, the platform is available to UAE residents holding valid Emirates IDs, with plans to open it to international investors in a future phase. Khaleej Times also reported on June 10, 2025, providing a Q&A on how the tokenization process works, including fees and investor eligibility. Reports from as early as May 25 and 26, 2025, by outlets like Dubai Land Department's official site, Zawya, FXLeaders, and KNOWLEDGE HUB, detailed the launch of the first tokenized property and the broader initiative. Ctrl Alt also announced its role as the tokenization partner on its website. AInvest provided coverage on May 27, 2025, highlighting the platform's aim to tokenize a significant portion of the Dubai real estate market. Aurantius reported on May 30, 2025, on the issuance of the first Property Token Ownership Certificates.

Paul, focus your article on the key event: the Dubai Land Department (DLD) and PRYPCO's launch of their second tokenized real estate property. Clearly explain that this offering is a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, valued at AED 1.5 million (approx. $653,000 USD), going live on June 11, 2025. Highlight the fractional ownership opportunity starting from AED 2,000, and the context of the previous successful launch. Avoid unnecessary details and redundancy, ensuring your piece is concise and centered on the new tokenized property. Make sure to note the collaboration with various regulatory bodies and plans for international investment opportunities.

Dubai’s Second Tokenized Apartment Launches at $653,000

• Dubai’s new tokenized property in Kensington Waters goes live tomorrow.
• Investors can buy fractional property ownership from AED 2,000.

The Dubai Land Department (DLD) and PRYPCO have announced the launch of their second tokenized real estate property, a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City. This property, valued at AED 1.5 million (approximately $653,000 USD), is set to go live on June 11, 2025, offering fractional ownership opportunities starting from AED 2,000 (approximately $544 USD).

On June 10, 2025, Zawya and Cryptopolitan (via Binance Square) reported the announcement of this new tokenized property. The offering presents a discounted rate compared to its estimated market value of AED 1.875 million. The initiative allows potential investors to own a part of this high-value property through fractional investments.

This new project follows the successful launch of the first tokenized property, a two-bedroom apartment in Business Bay, on May 25, 2025. The initial offering was listed at AED 2.4 million (approximately $653,000 USD) and sold out in less than 24 hours, demonstrating strong investor interest with 224 investors from over 40 nationalities participating. The Dubai Land Department issued Property Token Ownership Certificates to these investors, officially recognizing their blockchain-backed ownership.

The real estate tokenization initiative is a collaborative effort between the DLD and PRYPCO, working under the regulation of the Virtual Assets Regulatory Authority (VARA) and supported by frameworks from the Central Bank of the UAE and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Blockchain infrastructure is provided by Ctrl Alt, which issues secure ownership tokens on the XRP Ledger, while Zand Bank serves as the official banking partner.

Currently, the tokenized real estate platform is available to UAE residents holding valid Emirates IDs, with plans to eventually open to international investors in future phases. Khaleej Times reported insights into the tokenization process, including fees and investor eligibility on June 10, 2025.

As of June 10, 2025, 16:20 UTC, XRP (XRP) is trading at $2.281, with a 0.535% increase in 24-hour trading volume, according to recent market data.