“Real Estate Coding” .. a project that allows ownership of a portion of the property without the need to complete it

The Dubai Land and Property Department launched the experimental phase of the “Real Estate Coding Project”, one of the projects under the umbrella of the “Rayes Real Estate Innovation Initiative”, which makes it the first real estate registration department in the Middle East region that adopts “real estate coding” a royal bond, in cooperation with the Dubai Authority to regulate virtual assets and the Dubai Future Foundation, through “Sandbox Real Estate”.

According to “Dubai Land”, “Real Estate Coding” is a process to convert real estate assets into digital representations and symbols, based on the technique of “Blockchain”, so that each “origin” is divided into shares according to the investor budget and financial strategies, and investing in the property in simple proportions, which is a qualitative and new shift that allows a portion of a property without the need for entire purchase, and by using modern technology, which is What makes it different from “collective financing” that allows investors to enter the real estate market with small amounts through electronic platforms.

“Dubai Land” stated, in a statement, that its initiative comes as a continuation of its approach to 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, noting that it had held a workshop on “real estate coding”, in the presence of real estate technology companies, including international companies specialized in technology for coding real estate assets.

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

“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,” said the Director General of the Dubai Land and Property Department, Eng. Marwan Ahmed bin Ghalita.

He added: «Real estate coding allows the conversion of real estate assets into digital symbols recorded on the technique of (Blockchain), which contributes to simplifying and facilitating the sales, purchase and investment operations, which is completely consistent with the vision of (Dubai Lands) in achieving global leadership in real estate investment, and harnessing technology to develop real estate products.

Bin Ghalita continued: «This pioneering project comes within the (Reese Real Estate Innovation Initiative) recently launched by the department with the aim of attracting multiple technological companies, as it is in line with our strategy to open opportunities and capabilities for the provision of 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”.

He said: «In the aftermath of the experimental launch this year, we will work to study all outputs and benefit from recommendations to develop the project before the comprehensive official launch.

The “Real Estate Coding” project aims to attract international technology companies, open new investment areas for the investor market, achieve diversity in the possession of real estate units that allow a number of people to buy one real estate through ownership of real estate symbols, in addition to upgrading Dubai’s position as a regional and global destination in the field of virtual assets, and enhancing the competitiveness of the emirate at the local and international levels, and developing investment awareness in the sector The services and products of virtual assets, contribute to attracting investments and companies operating in the field of virtual assets to take from the emirate a center for its business, and provide the necessary systems to protect investors and dealers in virtual assets.

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Digital solutions

Dubai Land confirmed that it continues 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 establish an intelligent and advanced economy, its title is leadership, sustainability, knowledge -based, innovation and future technological applications, which enhances the competitiveness of the emirate and its leading position as a global center for the most prosperous digital economy.

. 60 billion dirhams the expected value of the “real estate coding” sector in the emirate in 2033, which represents 7% of the total real estate market trading in Dubai.