PRYPCO Mint Research Report · October 2026
Fractional ownership opened the door to property. Liquidity is what lets investors walk back out. Lessons from 17 months of the PRYPCO Mint pilot, the region’s first regulated market for tokenized real estate.
AED 18.65M
invested across 10 properties
2,600+
investors
70%
first-time property owners in Dubai
50+
nationalities
The Illiquidity Tax
The hidden cost of owning property
Every property investor pays a tax they rarely see.
Transaction costs
Around 9% to buy and sell in Dubai, and up to 14% in other major markets.
Opportunity cost
Forced sellers can accept discounts of up to 27%.
Valuation uncertainty
No continuous market price to trade against.
Seven building blocks of a liquid market
01
Settlement
Ownership and money move in the same instant.
02
Valuation
A near real-time price to trade against.
03
Depth
Enough buyers and sellers to exit into.
04
Market-making
A participant on the other side of every trade.
05
Cross-listing
The same token trades on more than one licensed venue.
06
Interoperability
Tokens move between blockchains.
07
Composability
Borrow against your tokens instead of selling.
Authors
Joseph El Am
GM & Senior Executive Officer, PRYPCO Fractional
Jad Kachmar
Head of Operations, PRYPCO Fractional
Athina Stantzos
Digital Assets Solutions Lead, ex-Deloitte and Chainlink
Contributors
Ruben Bombardi
General Counsel, VARA
Paul Boots
Head of Sector Development, VARA
Francois Schonken
Senior Director, Tokenization, Fireblocks
Jeroen Gillekens
EMEA Lead, LayerZero
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