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Dubai Land Department (DLD) said it has launched Phase II of its Real Estate Tokenisation Project, positioning the step as the start of resale activity for tokenised property interests in Dubai’s secondary market, with trading to begin on 20 February 2026, according to the official announcement carried by the Government of Dubai Media Office at. The Khaleej Times report of the same announcement describes Phase II as enabling secondary-market resale under the project’s regulated framework.
DLD said Phase II is designed to shift the programme from its pilot phase to a more advanced operational stage, and that it will enable resale of approximately 7.8 million “real estate tokens” within what the Dubai Media Office described as a controlled pilot framework at. The announcement also names the Virtual Assets Regulatory Authority (VARA) among the collaborating public bodies involved in implementing the framework.
In operational terms, DLD framed Phase II as a supervised expansion intended to test market and process readiness for secondary transfers, including governance, investor-rights safeguards, and transaction integrity, as outlined in the Dubai Media Office summary at. Neither the Dubai Media Office notice nor the Khaleej Times report identifies which platform(s) will facilitate Phase II secondary-market resale or what eligibility rules will apply.
The move follows DLD’s earlier pilot work under its REES Real Estate Innovation Initiative, which DLD said began with a pilot-phase launch in March 2025 at. DLD later said it activated a tokenised real estate investment project through the Prypco Mint platform in May 2025, stating the initial implementation was AED-denominated and did not use cryptocurrency for transactions.
Regulatory coordination remains central because tokenised real estate structures intersect property registration, investor protections, and virtual-asset activity supervision. VARA describes its mandate as regulating virtual assets and virtual asset service providers in Dubai (excluding DIFC) under Law No. (4) of 2022 and related regulations, with its rulebook also referencing establishment and authorisation under Law No. (4) of 2022.
For market participants, Phase II primarily affects how tokenised property interests can be transferred: DLD has now stated that resale in the secondary market will be enabled from 20 February 2026 and that millions of tokens are in scope under a controlled framework, as set out in the Dubai Media Office announcement. The practical impact is most immediate for tokenisation platforms, intermediaries, and investors who require clear rules on transfer, eligibility, and settlement; DLD has indicated work continues with regulators and that it is studying the onboarding of additional platforms in upcoming phases, but it has not published platform-specific or investor-eligibility details for Phase II in the cited announcement.
