Dubai Land Department has signed an agreement with Crypto.com to develop procedures that support digital real estate transactions, enabling investors to buy and sell property using digital currencies.
The collaboration, which seeks to create a digital ecosystem that enables investor verification, custody, settlement and real estate tokenisation, supports the Dubai Real Estate Strategy 2033 and its Dh1 trillion ($272 billion) transaction target.
The agreement was signed by Omar BuShahab, director general of the Dubai Land Department, and Mohamed Al Hakim, the authorised signatory for Crypto.com, in the presence of officials from both sides, the Dubai Media Office said on Sunday.
“By embracing advanced technologies, Dubai is strengthening its attractiveness for high-quality investments and accelerating its progress towards its Dh1 trillion real estate transactions target for 2033,” the media office said. The partnership aims to develop mechanisms that support digital real estate transactions by “leveraging blockchain technologies and virtual assets”, it added.
“The initiative seeks to enhance market liquidity and align with modern trends in smart investment. The partnership also aspires to build an integrated digital ecosystem that enables real estate asset trading, investor verification, and the execution of digital custody and settlement processes within a secure and advanced framework,” the media office said.
Source: The National News
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