In a move intended to modernize UAE bssed property markets, Ctrl Alt and the Dubai Land Department (DLD) have unveiled Phase Two of the city’s landmark Real Estate Tokenization Project Pilot. The February 20, 2026 announcement introduces regulated secondary market trading for tokenized real estate, unlocking new levels of liquidity and accessibility in one of the world’s most dynamic property sectors.
This phase extends the success of the initial pilot, which tokenized ten properties valued at more than $5 million (AED 18.5 million).
Roughly 7.8 million digital tokens issued during that stage are now available for controlled resale, allowing investors greater flexibility to buy and sell fractional ownership stakes without traditional barriers.
The controlled trading environment is crafted to test real-world performance, refine processes, and reinforce essential pillars of transparency, strong governance, and robust investor safeguards.
All activity remains within a tightly regulated pilot framework on the project’s official distribution platform.
Every transaction occurs on-chain via the XRP Ledger (XRPL) and benefits from the security of Ripple Custody, ensuring reliability and alignment with DLD’s official land registry.
Ctrl Alt serves as the core tokenization infrastructure partner.
The firm originally minted and distributed the title-deed ownership tokens in Phase One and is now powering the secondary-market capabilities.
Through direct integration with DLD systems, property titles can be issued, administered, and transferred digitally while staying perfectly synchronized with government records.
A key technical advancement in Phase Two is the introduction of Asset-Referenced Virtual Asset (ARVA) management tokens.
These facilitate compliant secondary transfers alongside the original ownership tokens.
Both sets of tokens are recorded on the blockchain, creating a single, unalterable ownership trail.
This sophisticated dual-token architecture simplifies operations for distribution platforms and end-users.
The initiative rests on Ctrl Alt’s strong regulatory standing.
The company holds licenses as a Virtual Asset Service Provider (VASP), was the first to receive an Issuer license from the Virtual Assets Regulatory Authority (VARA), and operates under a Broker-Dealer license.
Robert Farquhar, CEO MENA at Ctrl Alt, highlighted the milestone:
“We’re proud to work with the Dubai Land Department and VARA on Phase Two of the project, demonstrating what is possible when governments and institutional-grade innovation come together to build market-leading digital rails. Native tokenization only reaches its full potential when assets can move efficiently post-issuance, and secondary market trading is essential to that outcome.”
They continued:
“By establishing robust tokenization infrastructure that supports the regulated transfer of tokenized land title deeds, Dubai is setting a global benchmark for how assets can be issued, traded, and managed on-chain.”
Matt Acheson, Chief Product Officer at Ctrl Alt, added:
“Our goal was to build a secondary market infrastructure that is efficient for the entire ecosystem while maintaining the controls and governance required by the DLD and VARA.”
They also noted:
“To achieve this, Ctrl Alt engineered a sophisticated technical framework to facilitate the dual operation of ARVA management tokens and ownership tokens seamlessly on-chain. We manage the underlying complexity of this tokenization technology so that distribution platforms like PRYPCO and others can deliver smooth, fractional real estate experiences to their end users, without the requirement of building and managing the tokenization infrastructure themselves.”
The launch underscores Dubai’s aim to lead in PropTech and digital assets.
By combining regulatory clarity, government collaboration, and advanced blockchain solutions, the project is reshaping how real estate ownership is structured and accessed, paving the way for broader investor participation and more efficient capital markets.
Ctrl Alt has tokenized over $850 million in assets globally across real estate, private credit, funds, and commodities.
The firm continues to deliver compliant, end-to-end tokenization infrastructure for institutions and governments worldwide.
This Phase Two rollout not only validates the technical foundation laid in the pilot but also signals a maturing ecosystem ready for scaled adoption. As Dubai pushes toward tokenization targets, the controlled secondary market marks a critical bridge from experimentation to practical, everyday utility in real estate investment.