Source: Cointelegraph Original: "{title}"
On Saturday, April 6, the Dubai Land Department (DLD) announced a new agreement with the Virtual Assets Regulatory Authority (VARA). According to the announcement, the agreement will connect Dubai's real estate registration with property tokenization through a governance system.
The agreement aims to improve digital infrastructure by enhancing market liquidity and property management efficiency, while attracting global investment. It also seeks to support Dubai's broader economic strategy, which includes the goal of doubling the city's GDP over the next decade.
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This new development follows DLD's recent pilot project that converts real estate assets into blockchain-based digital tokens.
On Thursday, March 20, DLD announced the pilot phase of its real estate tokenization project. The launch of tokenization makes DLD the first real estate registration entity in the UAE to tokenize property ownership contracts. DLD expects this initiative to drive growth in real estate investment, targeting a value of over $16 billion by 2033.
Scott Thiel, co-founder and CEO of the Tokinvest Real Assets (RWA) tokenization platform, told Cointelegraph that this new development sends a clear message to the UAE government:
"In just three weeks, Dubai has shifted from pilot launch to strategic execution, and the message is very clear: the future of real estate investment is on-chain."
Thiel also stated that the close collaboration between the two agencies will create a smarter model that opens Dubai's real estate market to global investors. "This is not just another memorandum of understanding. This is the script for Real Estate 2.0," Thiel told Cointelegraph.
The executive urged global investors to pay attention to the UAE's initiatives in tokenization. Thiel said this is "what the future of real estate looks like."
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