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

- New tokenized Kensington Waters property live tomorrow. - Fractional ownership from AED 2,000. The Dubai Land Department (DLD) and PRYPCO have announced their second tokenized real estate property. This property is a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City, valued at AED 1.5 million (approximately $653,000) and is set to go live on June 11, 2025. This launch offers fractional ownership opportunities starting from AED 2,000 (approximately $544). On June 10, 2025, Zawya reported the announcement of this new tokenized property. Cryptopolitan (via Binance Square) also reported this announcement on June 10. The offering provides a discounted rate compared to its estimated market value of AED 1.875 million, and this 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 on May 25, 2025. This first property, a two-bedroom apartment in Business Bay, was listed with an initial offering at AED 2.4 million (approximately $653,000) and sold out in less than 24 hours. This rapid sale involved 224 investors from over 40 nationalities, demonstrating strong investor interest. Subsequently, the Dubai Land Department issued Property Token Ownership Certificates to these investors, which officially recognized their blockchain-backed ownership. The DLD and PRYPCO collaboratively lead this real estate tokenization initiative, working under the regulation of the Virtual Assets Regulatory Authority (VARA). The Central Bank of the UAE and the Dubai Future Foundation (DFF) support the initiative through frameworks from the Real Estate Sandbox. Furthermore, Ctrl Alt provides the blockchain infrastructure and issues secure ownership tokens on the XRP Ledger, while Zand Bank serves as the official banking partner. Currently, UAE residents holding valid Emirates IDs can access the tokenized real estate platform, although the platform will eventually open to international investors in future phases. On June 10, Khaleej Times reported insights into the tokenization process, covering fees and investor eligibility. Recent market data shows that XRP (XRP) trades at $2.281 as of June 10, 16:20 UTC, with its 24-hour trading volume having increased by 0.535%.