Real Estate: is considering assets Now
According to Chairman Muhammad Bin Ghats, the action will make it possible for investors to enter the real estate market with as little as AED 500.
The developer based in Dubai, who created the $204 million penthouse branded with the Bugatti brand, is considering tokenizing real estate purchases so that buyers may enter the market with as little as AED 500.
During the Sharjah Investment Forum, Muhammad Banghart, the chairman of developer Banghart, stated that the company began taking cryptocurrency payments in 2021 and received AED 500 million ($136 million) in payments in digital currencies in the first nine months.
He claimed that in order to make the real estate market accessible to anyone, regardless of wealth, the organization is now “toying with” tokenizing real estate.
He stated, “As an organization, we are working on tokenizing real estate so that it can be traded in a manner akin to the stock market.”
According to him, under tokenization, customers would be able to purchase real estate assets for as low as AED 500 and exchange them like stocks.
Tokenization is the process of using the blockchain to create a digital token that can be exchanged like a security and represents the worth of an asset.
Mantra, a blockchain platform located in Hong Kong, which was earlier this year said to be nearing the completion of obtaining its Dubai license, tokenized $500 million worth of the real estate holdings of MAG Group, a company based in Dubai, in July.
