Global Landscape of Real Estate Tokenization: Practical Insights and Examples

As property prices rise and global investors seek more flexible, accessible ways to enter the real estate market, tokenization is emerging as a powerful solution. Can blockchain truly lower the barriers to property ownership? What legal frameworks are in place — and where? These are the questions many investors, developers, and policymakers are asking as the lines between traditional real estate and digital finance continue to blur.

Global interest in tokenized real estate is rapidly gaining momentum. According to Deloitte, the market value of tokenized assets in this sector is projected to reach approximately $300 billion by 2024. Analysts from Boston Consulting Group and ADDX forecast that the broader tokenized real-world asset (RWA) market will grow to $16.1 trillion by 2030, with at least 20–25% of that total coming from the real estate sector. A report by the World Economic Forum (WEF) estimates that by 2030, up to 10% of global GDP could be tokenized and stored on decentralized digital ledgers, primarily in the form of real estate and securities.

Several forces are driving this trend:

• Institutional investors are embracing tokenization as a new way to unlock returns
• Governments and regulators are steadily building legal frameworks to support digital ownership rights
• Tech companies are rolling out ready-made platforms for issuing, managing, and trading real estate tokens

Over the past few years, a number of countries have moved beyond pilot programs and launched large-scale tokenization initiatives. In the following sections, we’ll explore which nations are leading the charge and take a closer look at standout projects that connect Web3 innovation with traditional real estate markets.

Middle East: Dubai Sets the Pace

In the Gulf region, real estate tokenization has gained strong traction in recent years, driven by government initiatives and the involvement of major property developers. Licensed tokenization platforms have been launched, pilot projects have been carried out in cooperation with central banks, and the value of real estate assets slated for tokenization already runs into the billions.

The United Arab Emirates, and particularly the emirate of Dubai, is leading the charge. In Q1 2025, the number of real estate transactions in Dubai rose by 22%, with total sales reaching AED 87.5 billion (~$23.82 billion). According to analysts, one of the key drivers behind this surge is the rapid development of tokenization projects.

In April 2025, Dubai’s Land Department (DLD) launched the pilot phase of its Real Estate Tokenisation Project. The initiative aims to integrate blockchain technology into property registration and introduce fractional ownership through asset-backed tokens. The project is being developed in partnership with the Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation (DFF), both of which are helping shape the regulatory and technological framework for real estate tokenization in the region.

Transactions involving tokenized properties in Dubai will be executed via the Prypco Mint blockchain platform. Zand Digital Bank has been named the official banking partner for the pilot phase. UAE nationals can take part in the initiative, with a minimum investment set at AED 2,000 (~$540).

Beyond the UAE, Saudi Arabia is also showing growing interest in real estate tokenization. The country is preparing to launch a project that will offer access to high-end property assets at a significantly lower entry threshold.

United States: From Retail Platforms to Institutional Scale

In the United States, real estate tokenization has evolved from experimentation to execution. Over the past few years, dozens of pilot projects have been launched, mostly structured as private offerings under the supervision of the Securities and Exchange Commission (SEC).

American platforms aimed at retail investors have been especially active. One prominent example is RealT, a marketplace that has tokenized more than 970 residential properties in just three years. It offers fractional ownership through blockchain-based tokens starting at only $50, making real estate investment accessible to a broader public.

Institutional interest is growing as well. According to EY, by 2023, 67% of major U.S. investors were planning to invest in real-world assets, with an average allocation of 5–8% of their portfolios. Among all RWA categories, real estate ranked as the second most attractive, just behind securities.

In April 2025, tokenization firm Blocksquare partnered with Vera Capital to launch a $1 billion initiative focused on U.S. commercial real estate. Their upcoming platform will let investors buy fractional shares in properties across seven states. The first project, a $5.4 million commercial complex in Florida, is expected to yield a 5% annual return.

A major milestone was reached in May 2025, when the first state-backed real estate tokenization initiative launched in New Jersey. Bergen County officials partnered with blockchain startup Balcony to digitize and tokenize over 370,000 property ownership records, representing an estimated $240 billion in real estate value. The project aims to modernize the county’s property registry and lay the foundation for blockchain-based transactions in the future.

Asia-Pacific: Blockchain Meets Real Estate at Scale

In the Asia-Pacific region, Japan has emerged as the front-runner in real estate tokenization, thanks to proactive regulation and a growing ecosystem. By 2023, the total value of security tokens issued in Japan reached ¥97.6 billion (~$700 million), with roughly 85% of those assets tied to the real estate market. In FY2024, STOs amounted to ¥46.4 billion, bringing the cumulative issuance to ¥168.2 billion.

Leading developers and asset managers in Japan have embraced tokenization at scale. Kenedix — one of the country’s top real estate firms — tokenized 462 properties between 2021 and 2024, representing a combined value of approximately ¥20.7 billion (~$148 million). In 2023, the Osaka Digital Exchange (ODX) launched tokenized real estate assets worth over $20 million. And in 2025, investment firm GATES rolled out one of the country’s largest tokenization projects to date, aiming to digitize real estate assets worth more than $200 billion.

Other jurisdictions across the Asia-Pacific are also scaling up their tokenized property markets.

Singapore

Singapore has positioned itself as a regional hub for asset tokenization, accounting for around 8.5% of the global RWA market by the end of 2023. The Monetary Authority of Singapore (MAS) has been pushing ahead through its flagship Project Guardian, focused on tokenized finance. While the tokenized real estate segment remains relatively small, two industrial properties were tokenized in 2022–2023 via the CitaDAO platform, valued at over $1.2 million.

Hong Kong

Hong Kong accounted for roughly 2.5% of the global RWA market in 2023–2024. Interest in real estate tokenization surged after Tykhe Capital Group Limited launched a security token offering (STO) for a property fund in 2023. In 2024, Hong Kong regulators updated their legal framework to allow retail investors to access tokenized securities on licensed exchanges, opening the door to a new wave of real estate RWA projects.

Thailand

Thailand was one of the first countries in Southeast Asia to implement a real-world real estate tokenization project. In 2021, 240 million SiriHub Tokens were issued, each representing a fractional share in the Siri Campus office complex in Bangkok. Priced at 10 Thai baht per token, the total value of the tokenized asset reached approximately $70 million. The development of the market has been supported by strong legal clarity: as early as 2018, the Thai government passed the Emergency Decree on Digital Asset Businesses, which legalized the issuance of both investment and utility tokens under regulatory supervision.

India

India has been making steady progress in real estate tokenization since 2023, despite ongoing uncertainty surrounding cryptocurrency regulation. That year, the GIFT City special economic zone saw the launch of Oryx — a project to tokenize a commercial property worth around $50 million. Also in 2023, the International Financial Services Centres Authority (IFSCA) established an expert committee and published a consultation paper that laid the groundwork for a regulatory sandbox, enabling a range of RWA projects, including those focused on real estate tokenization.

In 2025, the IFSCA intensified its regulatory efforts by developing a unified framework for cryptocurrency platforms and tokenized assets within GIFT City. However, no official timeline has been announced for the implementation of the finalized regulatory regime.

Europe: Growing but Fragmented Market

Europe’s tokenized real estate market remains relatively small but is steadily expanding. In 2023, the combined value of tokenized property across Europe reached €150 million (around $175 million) — a modest figure compared to the estimated $100–120 billion global market at the time.

According to Prophecy Market Insights, Europe’s real estate tokenization market is projected to grow at an average annual rate of 2.6% over the next decade, reaching a total value of $8.4 billion by 2034.

Germany

Germany is one of the leading nations in the EU when it comes to real estate tokenization. The 2021 adoption of the Electronic Securities Act (eWpG) created a legal framework for issuing tokenized bonds, including those backed by real estate. 

Black Manta Capital Partners (BMCP) became the first company to tokenize roughly 20% of a luxury residential complex in Berlin, with tokenized investment shares valued at €2.4 million. Later, the German platform KlickOwn issued digital bonds backed by a historic building in Lübeck, raising €1.5 million from investors. 

In 2023, Gloram Real Estate, a German consortium, began issuing Polygon-based blockchain bonds backed by commercial real estate, fully compliant with eWpG standards.

Luxembourg

Luxembourg has positioned itself as a hub for tokenization platforms, thanks to its forward-looking regulation. In 2021, the national Financial Sector Supervisory Commission (CSSF) officially approved the native issuance of digital securities. This led to the launch of several real estate tokenization initiatives, the largest being BlocHome’s Clapton Residence — a luxury villa tokenization project. 

In 2024, Luxembourg passed legislation allowing the direct tokenization of physical assets, paving the way for pan-European RWA platforms such as STOKR and Tokeny, which now serve real estate clients across the EU.

Other Countries

In January 2020, in Switzerland, Zurich-based BrickMark tokenized a building on Bahnhofstrasse valued at $134 million. By 2023, the platform had surpassed $160 million in total tokenized real estate.

Spain is home to Reental, a fast-growing tokenization platform. As of 2025, it had onboarded more than 21,000 investors from 90 countries and tokenized 82 properties worth over $57 million.

In Italy, there are major real estate projects including Fo.Ro Living and Porta dei Marmi in Rome, with combined asset values of around €3 million.

Overall, the European tokenized property market is gaining ground. Countries like the Netherlands and Belgium have launched regulatory sandboxes to explore tokenization’s potential — a sign that broader regional adoption may be on the horizon.

Latin America: Rapid Growth Driven by Market Demand and Regulatory Shifts

The tokenized real estate market in Latin America is expanding rapidly. In 2024, the region accounted for roughly 11% of the global tokenization market. Thanks to ambitious national initiatives, annual growth in the LATAM market is expected to accelerate to 22–23% between 2025 and 2030.

Brazil

Brazil is the most active tokenized real estate market in LATAM, with multiple large-scale projects underway:

• In 2022, Kodo Assets launched a commercial real estate tokenization initiative in São Paulo.
• In 2024, Ribus tokenized nearly 2,000 short-term rental properties.
• Onil Group led the largest project to date, digitizing roughly 25% of the land and units at the Morro dos Anjos Águas Quentes Hotel Resort in Bandeirantes.

The Federal Council of Real Estate Brokers (COFECI) has created a task force to study the use of blockchain in property markets — a first step toward formal regulation. Meanwhile, Brazil’s central bank included real estate tokenization in the pilot use cases for its upcoming CBDC, Drex.

Mexico

In Mexico, tokenization is increasingly viewed as a tool to revitalize investment in a market where homeownership remains limited and mortgages are traditionally hard to access. As early as 2021, MountX and Vertalo announced plans to tokenize 15 residential complexes across Mexico and Canada. In 2022, Spanish platform Reental offered Mexican investors tokenized shares in properties located in Chetumal and Tulum. By 2024, local fintech company PoliBit had launched several tokenization projects in partnership with developers.

Colombia

With a shortage of affordable housing and new home sales down nearly 45% by 2023 — while mortgage rates soared to over 10–15% — tokenization emerged as a potential alternative financing model. By pooling investments and sharing rental income, tokenized housing is seen as a way to collectively fund construction and increase access to property. Startups such as Triarii and Expedit began launching early-stage pilot projects in 2022–2023, but most remain limited in scale due to the absence of a clear regulatory framework.

Argentina

Despite years of economic turbulence, Argentina has become one of the region’s pioneers in establishing tokenization regulations. In 2025, the National Securities Commission (CNV) formally approved a legal framework for real-world asset tokenization, which in turn spurred market activity.

Reental announced the tokenization of its Salta-1 project in the province of Salta, while local platform CASA TOKEN launched tokenized offerings of several commercial properties in Buenos Aires. The country is also developing new solutions to tokenize rental payments and plans to roll out educational programs to help real estate professionals work with blockchain-based assets.

Africa: Unlocking Real Estate Investment Through Tokenization

Africa’s tokenized real estate market is showing steady growth in 2025. While still smaller in scale compared to developed markets, the region is marked by strong demand for affordable housing and rapid adoption of blockchain technologies. According to Statista, the African residential real estate market could reach $21.92 trillion by 2029 — a figure that makes the region increasingly attractive to foreign investors and a promising arena for tokenization projects.

Nigeria

Nigeria is actively building a legal and technological foundation for tokenized real estate through both public and private efforts. In 2024, the Lagos State government launched a program to convert property titles into non-fungible tokens (NFTs) in a bid to boost transaction transparency and increase tax revenues. 

On the national level, Nigeria’s SEC has regulated tokenized assets as securities since 2022, laying the groundwork for a legitimate marketplace.

Private sector momentum is growing as well. Mixta Africa and Twelve have raised approximately $400,000 through land tokenization projects, while RedSwan launched two tokenized real estate funds totaling $1.6 billion, with a minimum investment of just $100.

South Africa

South Africa was home to Africa’s first real estate tokenization pilot, launched in 2020. Fintech company Flyt Property announced an STO backed by property assets. A year later, South African startup Realsmart introduced the world’s first blockchain platform focused specifically on fractional ownership of premium real estate.

Kenya

Kenya has become East Africa’s most active hub for real estate tokenization. Back in 2019, the Capital Markets Authority (CMA) launched a regulatory sandbox for fintech innovation, which by 2025 included blockchain-based projects like AlphabloQ and Yeshara Tokens — both offering fractional property ownership. 

The government is currently drafting a Virtual Assets Act, which is expected to provide a full legal framework for tokenization. In parallel, Kenya launched Ardhisasa, a national digital land registry platform, in 2021, laying the technical foundation for future token integration into land ownership systems.

Other Countries

Mozambique: Startup Empowa raised over $4 million through tokenized affordable housing on the Cardano blockchain, financing homes for low-income families.

Angola: The African Mega-Cities Initiative (AMCI) aims to use tokenization to fund large-scale housing development in urban areas.

Egypt: In 2024, startup Pend launched the country’s first national platform for real asset tokenization, including real estate, and is awaiting regulatory approval.

Other nations — including Ghana, Uganda, Morocco, and Tunisia — are exploring tokenization as a tool to attract investment and modernize their real estate sectors.

Overall, Africa is increasingly viewing real estate tokenization as a way to democratize investment, support housing development, and unlock access to capital in markets that need it most.

Real estate tokenization has moved well beyond the conceptual stage. It’s quickly becoming a tangible financial tool with real-world applications across global markets. Adoption may differ from one region to another, but the direction is clear: regulatory frameworks are taking shape, pilot initiatives are gaining traction, and institutional players are showing growing interest.