迪拜的第二個令牌房地產項目不到兩分鐘就售罄

該物業是穆罕默德·本·拉希德市（Mohammed bin Rashid City）的肯辛頓水域（Kensington Waters）的一居室公寓，價值150萬迪拉姆（408,441美元）

Dubai's second tokenized real estate project, launched by Prypco, has sold out in less than two minutes, highlighting the high demand for such investment products in the emirate.

由Prypco發起的迪拜第二個標記房地產項目在不到兩分鐘的時間內就售罄，突顯了對酋長國此類投資產品的高需求。

The project, which is being supported by the Real Estate Sandbox initiative, saw 149 investors fully subscribe to a one-bedroom apartment in Kensington Waters, Mohammed Bin Rashid City.

該項目得到了房地產沙盒倡議的支持，有149名投資者完全贊同穆罕默德·本·拉希德市（Mohammed bin Rashid City）在肯辛頓水域的一居室公寓。

The project, launched on May 25 by Prypco's Mint platform in collaboration with Virtual Assets Regulatory Authority (Vara), the Central Bank of the UAE and Dubai Future Foundation (DFF), is currently open to UAE residents only, who can invest a minimum of Dh2,000.

該項目於5月25日由Prypco的Mint平台與虛擬資產監管機構（VARA），阿聯酋中央銀行和迪拜未來基金會（DFF）合作，目前僅向阿聯酋居民開放，他們只能投資至少DH2,000。

The project follows the successful launch of Prypco's first tokenized real estate project in March, a two-bedroom apartment in Business Bay, which attracted 224 investors with an average input of Dh10,714. The project, which was listed at Dh2.4 million, reached its full funding in one day.

該項目是在3月成功推出了Prypco的第一個令牌房地產項目之後，這是商業灣的兩居室公寓，該公寓吸引了224名投資者，平均投入為10,714迪拉姆。該項目列為240萬迪拉姆，一天之內就達到了全部資金。

This project also saw strong interest from investors, with the project fully funded despite having a higher minimum investment amount of Dh15,000.

該項目還引起了投資者的濃厚興趣，儘管最低投資金額為15,000迪拉姆，但該項目獲得了全部資金。

The property, which is valued at Dh1.5 million, was offered at a discounted rate compared to its estimated market value of Dh1.8 million.

該物業的價值為150萬迪拉姆，以折扣價提供，而其估計市值為180萬迪拉姆。

Investors who missed out on the first project, and those interested in future offerings, can register their interest early and set up their accounts to take advantage of coming projects before they sell out.

錯過了第一個項目的投資者，以及那些對未來產品感興趣的投資者可以提早註冊他們的利息並設立帳戶以利用售罄的項目。

"Tokenisation caters to a particular segment in the market, featuring people who wanted to join the real estate party but never had the invitation," said Mario Volpi, head of brokerage at Novvi Properties.

Novvi Properties的經紀主管Mario Volpi說：“ Tokenisation迎合了市場上的特定領域，其中包括想加入房地產派對但從未邀請邀請的人們。”

"It's relatively easy to buy in and buy out. However, there is just one company offering it now. So it's a bit of a closed shop in that respect."

“這相對容易買賣。但是，現在只有一家公司提供它。因此，在這方面，這是一家關閉的商店。”

At a basic level, tokenisation converts a physical real estate asset into digital shares – known as tokens – recorded on a blockchain. Each token represents fractional ownership in the property, allowing a number of investors to participate at a lower entry point than traditional real estate, said P.P. Varghese, head of professional services at Cushman & Wakefield Core.

在基本層面上，Tokenisation將物理房地產資產轉換為數字股票（稱為代幣），記錄在區塊鏈上。 Cushman＆Wakefield Core的專業服務主管PP Varghese說，每個令牌代表該物業中的部分所有權，使許多投資者能夠以低於傳統房地產的範圍參與。

"In principle, it’s an alternative way to structure and record ownership, but the underlying asset remains the same: the property still exists, generates income and requires the same fundamentals to perform over time," he said.

他說：“原則上，這是構建和記錄所有權的另一種方法，但基本資產仍然相同：財產仍然存在，產生收入，需要隨著時間的推移進行相同的基本面。”

"Tokenisation doesn’t replace the traditional drivers of value in real estate. Asset quality, location, tenancy, governance and market dynamics continue to be the factors that ultimately determine an asset’s performance. The technology may change how ownership is accessed and traded, but it doesn’t change what makes a property successful."

“象徵化並不能取代房地產中的傳統價值驅動因素。資產質量，位置，租賃，治理和市場動態仍然是最終決定資產績效的因素。技術可能會改變訪問和交易所有權的方式，但不會改變使財產成功的原因。”

Currently in Dubai, investors are being encouraged to contact the DLD to express interest in available projects, said Matthew Green, head of research - Mena at CBRE.

CBRE的MENA研究負責人Matthew Green說，目前在迪拜，正在鼓勵投資者與DLD聯繫以表達對可用項目的興趣。

"However, over time, we would expect the market to open up further, with different avenues to acquire these assets to emerge, likely through a combination of official government channels and also directly through other market participants, including developers, funds and other registered entities."

“但是，隨著時間的流逝，我們希望市場能夠進一步開放，不同的途徑將獲得這些資產以出現，這可能是通過官方政府渠道以及直接通過其他市場參與者的組合，包括開發商，資金和其他註冊實體。”

In terms of returns, tokenised real estate mirrors traditional property investment: rental yields, capital appreciation and long-term market growth. Where tokenisation introduces additional variables is in liquidity, pricing transparency, regulatory oversight and platform stability – all of which remain relatively early stage in most global markets, including Dubai, Cushman & Wakefield Core said.

在回報方面，令牌房地產反映了傳統的房地產投資：租金收益，資本增值和長期市場增長。 Tokenisation引入其他變量的位置是流動性，定價透明度，監管監督和平台穩定性 - 在包括迪拜，Cushman和Wakefield Core在內的大多數全球市場中，所有這些都保持了相對較早的階段。

"We advise investors to approach tokenisation with the same discipline they would apply to any other real estate investment," Mr Varghese said. "The structure may allow fractional access, but the underlying asset still requires thorough due diligence."

Varghese先生說：“我們建議投資者使用與其他任何房地產投資相同的紀律來實現象徵化。” “結構可以允許分數訪問，但是基本資產仍然需要進行徹底的盡職調查。”

CBRE's Mr Green highlighted how the tokenised asset is open to fluctuations in the supply and demand of property, and related pricing. Outside of that, the risks are related to technology, the systems and platforms that house and trade these assets, he added.

CBRE的Green先生強調了標記資產如何開放財產供應和相關定價的波動。他補充說，除此之外，風險與技術，容納和交易這些資產的系統和平台有關。

Tokenisation ultimately helps to expand a market by diversifying the investor pool, creating liquidity, removing barriers to entry (time, location, investment size, etc) and facilitating an easier and quicker method to participate in the market, Mr Green said.

格林說，Tokenisation最終通過使投資者池多樣化，創造流動性，消除進入進入（時間，位置，投資規模等），並促進參與市場的更容易，更快的方法，從而有助於擴大市場。

From a developer or owner perspective, it also creates another potential avenue for divestment, offering a tangible alternative for project fund-raising, while at the same time also attracting an entirely new source of investors to enter the market, he added.

他補充說，從開發商或所有者的角度來看，它還創造了另一個潛在的撤資途徑，為項目籌款提供了切實可行的替代方案，同時也吸引了一個全新的投資者來進入市場。

However, Mr Varghese said the disadvantages are equally important to acknowledge. The regulatory frameworks are still developing, platforms vary in quality and oversight, and in many cases, secondary trading markets remain thin.

但是，瓦爾吉斯先生說，這些缺點同樣重要。監管框架仍在開發中，平台的質量和監督各不相同，在許多情況下，次要交易市場仍然很薄。

"Transaction costs can also become disproportionately high, particularly at the smaller investment sizes that tokenisation often targets. When you factor in platform fees, blockchain gas fees, legal expenses and regulatory compliance costs, the total cost of entry can

“交易成本也可能變得不成比例，尤其是在較小的投資規模的情況下，象徵性通常會以目標為目標。當您考慮平台費用，區塊鏈汽油費，法律費用和監管合規成本時，總進度的總成本可以