Jun 10, 12:00 AM

Dubai Real Estate Hits $18.2B in May, $399M Tokenized Sales, $3B Blockchain Deal

Dubai's real estate market recorded $18.2 billion in sales across 18,700 transactions in May, a 44% year-on-year increase in transaction value and a 6% rise in sales volume. Tokenized real estate accounted for $399 million in sales, or 17.4% of all deals in May. Dubai is targeting $16 billion in tokenized property. The increase in tokenized property activity coincided with regulatory developments, including the Dubai Land Department's launch of a tokenized real estate platform and updated RWA tokenization guidelines from VARA on May 19. A $3 billion blockchain agreement was signed by MultiBank Group, MAG, and Mavryk, bringing luxury real estate projects onto blockchain platforms. Primary real estate sales in Dubai spiked 314% from the previous year, while secondary sales increased by 21%. Purchases from Russia after the Ukraine war accounted for an estimated 3% of Dubai's housing stock.