Dubai opens secondary market for real estate-backed tokens

The Dubai Land Department (DLD) and tokenization firm Ctrl Alt have activated a secondary market for real estate-backed tokens, CoinDesk reported. The move is part of a broader real estate tokenization initiative and allows for the resale of fractional stakes in property valued at $5 million. Approximately 7.8 million tokens linked to 10 properties in Dubai will be available for trading on this secondary market. Transactions will be conducted on a regulated distribution platform, recorded on the XRP Ledger blockchain, and held through Ripple Custody. Dubai previously announced plans to tokenize $16 billion worth of real estate by 2033.