Dubai lands launch the experimental phase of the “Real Estate Coding Project”

In continuation of the approach of the Dubai Land and Property Department, which is aimed at consolidating the emirate’s position on the global map of real estate technology, as one of the most important goals of the Dubai Real Estate Sector Strategy 2033; The department launched the experimental phase of the “Real Estate Coding Project”, one of the projects under the umbrella of the “Reese Real Estate Innovation Initiative”, which makes it the first real estate registration department in the Middle East region that adopts real estate coding on a royal bond, in cooperation with the Dubai Authority to regulate virtual assets and the Dubai Future Foundation through “Sandbox Real Estate”.

Dubai lands expectations indicate that the value of the real estate coding sector in the emirate will witness, thanks to this qualitative initiative, a tremendous growth to reach 60 billion dirhams in 2033, which represents 7% of the total real estate market trading in Dubai.

Dubai lands in this context held a workshop on “real estate coding”, in the presence of a number of real estate technology companies, including a selection of international companies in the field of technology for coding real estate assets.

Revolutionary tool

Engineer Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department in Dubai said: “In light of the rapid development of technology and the increasing dependence on digital solutions, real estate coding is highlighted as one of the revolutionary tools that make a fundamental change in the real estate sector. Real estate coding allows the conversion of real estate assets into digital symbols recorded on blockchain technology, which contributes to simplifying and facilitating sales, purchases and investment, which is the matter It is completely consistent with the Dubai land vision in achieving global leadership in real estate investment, and to harness technology to develop real estate products and provide an incubator environment for real estate innovation.

He added: “This pioneering project comes within the Reyes Real Estate Innovation initiative recently launched by the department with the aim of attracting multiple technological companies, as well as our strategy to open opportunities and capabilities for providing new real estate products, developing innovation in the real estate structure, adding more transparency and governance, and giving the opportunity to a broader segment of investors to participate in huge real estate projects in Dubai. Various partners from the public and private sectors to upgrade the digital system in the sector and enhance the effectiveness and efficiency of our operations.

Project objectives

The “Real Estate Coding” project aims to attract international technology companies, open new investment areas for the investor market, and achieve diversity in the possession of real estate units that allow several people to buy one real estate through ownership of real estate codes, as well as upgrading Dubai’s position as a regional and global destination in the field of virtual assets, and enhancing the competitive ability of the emirate on the local levels The international, the development of investment awareness in the service of virtual assets services and products, encouraging innovations in the real estate sector, contributing to attracting investments and companies working in the field of virtual assets to take from the emirate as a center for its business, and provide the necessary systems to protect investors and dealers in virtual assets.

Real estate coding is a process to convert real estate assets into digital representations and symbols based on blockchain technology, so that each asset is divided into shares according to the investor budget and financial strategies, and investing in the property in simple proportions, which is considered a qualitative and new transformation that allows part of a property without the need for entire purchase, and by using modern technology, which makes it different from the collective financing that is that It allows investors to enter the real estate market with small amounts through electronic platforms.

Dubai lands continue to commit its commitment to achieving the targets of the Dubai Economic Agency D33, which places the adoption of digital solutions at the top of its priorities, as Dubai is working to consolidate an intelligent and developed economy with leadership, sustainability, knowledge -based growth, innovation and future technological applications, which enhances the emirate’s competitiveness and its leading position as a global center for the most prosperous digital economy.