Following the rapid success of its debut tokenized property, which was fully funded in under 24 hours, PRYPCO Mint has announced the launch of its second fractional real estate listing. This new offering is set to go live on June 11, marking another significant milestone in Dubai’s ambition to reshape global property investment through innovative blockchain technology.
The upcoming listing features a one-bedroom apartment located in Kensington Waters, within the illustrious Mohammed Bin Rashid City, valued at Dhs1.5 million. Notably, this property is being offered at a discount compared to its estimated market value of Dhs1.875 million, providing investors an immediate equity advantage. The fractional ownership begins from Dhs2,000, reflecting PRYPCO Mint’s commitment to democratizing access to premium real estate opportunities.
“The incredible response to our first tokenized property proved that investors are ready for a smarter, more accessible way to invest in real estate,” remarked Amira Sajwani, founder and CEO of PRYPCO. She added, “With our second property, we’re continuing to break down traditional barriers and offer high-quality opportunities to a broader, more diverse audience.” This insightful perspective emphasizes the transformative potential of tokenization in real estate investing.
Dubai Land Department and PRYPCO Mint Partnership
Launched on May 25, PRYPCO Mint stands as a joint initiative between the Dubai Land Department (DLD) and PRYPCO, spearheaded under the governance of the Virtual Assets Regulatory Authority (VARA). The platform gained notable recognition for executing the MENA region’s first fully tokenized real estate transaction.
The inaugural listing featured a two-bedroom apartment in Business Bay, valued at Dhs2.4 million. This property was oversubscribed within just 24 hours by a remarkable 224 investors hailing from over 40 different nationalities. It was priced below the DLD’s valuation of Dhs2.89 million, with the average investment ticket landing at Dhs10,714, demonstrating significant investor appetite for innovative property investment methods.
In a considerable leap for regulatory clarity, the DLD issued blockchain-backed Property Token Ownership Certificates to investors in the first offering. This initiative formally recognizes tokenized property rights within the framework of Dubai’s legal system, setting a precedent for future transactions.
This real estate tokenization project operates within a regulatory sandbox created by the DLD in partnership with VARA, as well as the Central Bank of the UAE and the Dubai Future Foundation (DFF). With industry leaders involved, the ecosystem is carefully structured to promote innovation while ensuring compliance.
Powered by the infrastructure of blockchain firm Ctrl Alt on the XRP Ledger, the initiative is enhanced further by the services of Zand Bank, which acts as the official banking partner. By integrating traditional banking services into this modern framework, PRYPCO Mint exemplifies how technology can overlap with conventional sectors to create new market dynamics.
Targeting tech-savvy investors, millennials, and first-time buyers, PRYPCO Mint leverages a mobile-first interface, allowing real estate to evolve into a more flexible and liquid asset class. This user-friendly approach aims to engage a crowd that has historically been sidelined in the luxury real estate market, empowering them with the tools needed to invest.
Currently, the platform is available to UAE residents with valid Emirates IDs, with plans to extend access to international investors in its forthcoming phases. This expansion could prove pivotal in further fueling investor interest and solidifying Dubai’s position as a global leader in digital real estate innovation.
As PRYPCO Mint prepares to unveil its second listing, the implications for real estate investment in Dubai remain profound, with blockchain technology challenging norms and inspiring a new wave of investment opportunities.
