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FollowingDubai apartment tokenization pilot: Sold out in two minutes
This year, the listing of an apartment in Dubai sold out in less than two minutes. The property was sold in pieces, and each buyer\'s name appeared on the real title certificate. This pilot project is jointly promoted by the Dubai Land Authority and the virtual assets authority (VARA), the cryptocurrency regulator. According to Mark Tokuti, founder of tokenization platform Tokuti.io, this is a disruptive change in the real estate industry.
Dubai Model: Direct tokenization of title certificates rather than special purpose vehicles
So far, real estate tokenization has usually involved setting up special purpose vehicles (SPVs) and then selling the entity\'s tokens. The holder owns the securities, not the property itself. Tokuti said that the Dubai pilot directly tokenizes title certificates rather than creating a layer of packaging, which he believes is the key to promoting large-scale popularization.
\"They directly tokenized the actual property title certificate, which is amazing... your name will appear on the title certificate. So it\'s not a security, it\'s part of the property. This is a transformative breakthrough in the real estate field.\" he said. This method achieves same-day transfer settlement, while traditional property transfer may take weeks or even months, while retaining the complete rights of the property itself.
Clear investor needs: Sold out in two minutes
Tokuti shared amazing data about the pilot. \"These properties sold out in two minutes, and 70% of the buyers were first-time buyers.\" Of the two listings on Prypco Mint, the second sold out in 1 minute and 58 seconds, attracting 149 investors from 35 countries, with more than 10,000 people on the waiting list. The first listing attracted 224 investors, 70% of whom had never purchased a property in Dubai.
Tokuti also believes that other countries will follow this model. He is particularly interested in The British Virgin Islands, which, according to a recent report from BVI Finance, has become a global center for tokenization. \"I believe Dubai\'s approach will be promoted globally. We see that countries such as Georgia have begun to follow suit, and we hope the Caribbean will do the same.\" He explained.
Will the government really link the title certificate?
Critics of real estate tokenization argue that sovereign governments will not be willing to place title certificates on the blockchain because once the seed phrase is lost, the property may never be recovered forever. Dubai is currently addressing this problem by not allowing self-hosting. \"Your tokens cannot be withdrawn right now, they can only stay in the ecosystem. This situation may change in the future.\" Tokuti said. He predicts that, especially in the short term, a compromise must be sought-starting with the wallet of KYC regulation and ultimately achieving interoperability between compliance markets.
