Dubai Real Estate Hits $18.2B in Sales Amid Tokenization Push
Dubai's real estate market experienced significant growth in May, achieving a total sales value of 66.8 billion dirhams (approximately $18.2 billion) across 18,700 transactions. This represents a 44% increase in transaction value and a 6% rise in sales volume compared to the previous year. Primary market sales surged by 314%, while secondary sales increased by 21%. The market's performance indicates readiness for property tokenization, which could enhance investor access and reshape ownership dynamics. Recent regulatory developments support this trend, including a $3 billion agreement to integrate luxury real estate into blockchain and updated guidelines from the Virtual Asset Regulatory Authority for tokenized assets. A new platform was also launched to enable investment in tokenized shares of properties in Dubai.
