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Dubai is taking another step towards the digital future of real estate. The Dubai Land Department (DLD) has announced the launch of the Real Estate Tokenisation Project, which aims to revolutionise the way real estate is purchased and managed – all thanks to the use of blockchain technology.
As part of the project, traditional property deeds are digitised and converted into so-called tokens. This means that a specific property can be divided into digital shares that can be securely bought, sold or exchanged online, with full transparency and transaction security.
Tokenisation opens the door to more investors. By dividing valuable properties into smaller parts, those interested in the real estate market can become owners of a fragment of a property without the need to commit huge financial resources. This innovative approach significantly lowers the barrier to entry.
By implementing the Real Estate Tokenisation Project, Dubai becomes the first city in the Middle East to integrate blockchain with the real estate sector. This is yet another example of how the metropolis is consistently pursuing the digitisation of public and private services, strengthening its position as a leader in technological innovation in the region.
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