The One Bedroom Apartment in Kensington Waters in Dubai, UAE, was tokenized and listed by the Dubai Land Department (DLD) and PRYPCO Mint. The property sold out in just 1 minute and 58 seconds.
The property at Kensington Waters is valued at $653,000, equivalent to the first tokenized property sold. To date, PRYPCO Mint and DLD have achieved $1.306 billion in tokenized property sales in Dubai, with more to come.
This is the second tokenized real estate project sold by PRYPCO in recent weeks. The second listing attracted 149 investors from 35 different nationalities, contrasting with the first project, which drew 224 investors from over 40 nationalities, with an average investment of $2,900.
Valued at Dh1.5 million, the second property was offered at a reduced price compared to its estimated market value of Dh1.875 million. Fractional shares were made available starting at Dh2,000, enabling smaller investors to participate in real estate ownership.
While the second listing sold out in just under two minutes, the first tokenized listing took 24 hours to sell out.
PRYPCO Mint, a blockchain platform for tokenizing real estate, uses the Ctrl Alt blockchain which operates on XRP, with Zand Bank handling payments. The DLD and Ctrl Alt developed a secure and compliant tokenization framework to structure, mint, and place real estate title deed tokens on the blockchain.
> #DLD has launched its second tokenized property in a strategic partnership, located in a prime area developed by Ellington Properties. Invest from AED 2,000 and own a digital tokenization certificate.
> Keep up with #Dubai’s digital real estate evolution and invest today. pic.twitter.com/Bm5vqicvAz
> — دائرة الأراضي والأملاك في دبي (@Land_Department) June 11, 2025
According to the Dubai Land Department, the waiting list for the second property exceeded 10,000, compared to 6,000 for the first, reflecting increased trust in tokenized real estate as a regulated investment class.
Investors are advised to register early on the PRYPCO Mint platform to take part in upcoming projects, which are anticipated to experience similarly high demand.
This initiative is set to boost the AED 60 billion ($16 billion) tokenized real estate market by 2033, estimated to represent 7% of Dubai’s overall property transactions.
Comments (0)