Dubai’s real estate market hit almost $400 million in tokenized property sales amid major institutional moves, including RWA inclusion in VARA guidelines and the launch of a government-backed RWA platform by the DLD.

Dubai’s real estate market recorded over $399 million in tokenized property sales in May, accounting for 17.4% of total transactions. The milestone came amid a broader real estate boom, with total property sales reaching 66.8 billion dirhams (approximately $18.2 billion) across 18,700 transactions, according to figures reported by Cointelegraph.

The sales milestone comes on the heels of major regulatory and institutional developments aimed at advancing real estate tokenization in Dubai. On May 19, the Virtual Asset Regulatory Authority, the city’s crypto regulator, updated its guidelines to formally include real-world asset tokenization.

Additionally, on May 25, the Dubai Land Department, in collaboration with the Central Bank of the UAE and the Dubai Future Foundation, launched a regional tokenized real estate platform that enables investors to purchase fractional ownership in secondary-market properties.