The Dubai Land Department (DLD) has launched a real estate tokenization project with the participation of the Ctrl Alt platform. The parties chose the first-level XRP Ledger blockchain to issue tokens.
According to the release, the project was implemented as part of the Real Estate Expansion Space Initiative (REES). This is the first such experiment in the Middle East. The minimum investment for participation is 2,000 dirhams ($544).
Ownership of shares is secured in the blockchain. The declared annual return is from 8% to 12%. According to preliminary estimates, the initiative will lead to the growth of the tokenized real estate market to 60 billion dirhams ($16 billion) by 2033.