迪拜的第二个令牌房地产项目不到两分钟就售罄

该物业是穆罕默德·本·拉希德市（Mohammed bin Rashid City）的肯辛顿水域（Kensington Waters）的一居室公寓，价值150万迪拉姆（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发起的迪拜第二个标记房地产项目在不到两分钟的时间内就售罄，突显了对酋长国此类投资产品的高需求。

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.

该项目得到了房地产沙盒倡议的支持，有149名投资者完全赞同穆罕默德·本·拉希德市（Mohammed bin Rashid City）在肯辛顿水域的一居室公寓。

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.

该项目于5月25日由Prypco的Mint平台与虚拟资产监管机构（VARA），阿联酋中央银行和迪拜未来基金会（DFF）合作，目前仅向阿联酋居民开放，他们只能投资至少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.

该项目是在3月成功推出了Prypco的第一个令牌房地产项目之后，这是商业湾的两居室公寓，该公寓吸引了224名投资者，平均投入为10,714迪拉姆。该项目列为240万迪拉姆，一天之内就达到了全部资金。

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

该项目还引起了投资者的浓厚兴趣，尽管最低投资金额为15,000迪拉姆，但该项目获得了全部资金。

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.

该物业的价值为150万迪拉姆，以折扣价提供，而其估计市值为180万迪拉姆。

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.

错过了第一个项目的投资者，以及那些对未来产品感兴趣的投资者可以提早注册他们的利息并设立帐户以利用售罄的项目。

"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的经纪主管Mario Volpi说：“ Tokenisation迎合了市场上的特定领域，其中包括想加入房地产派对但从未邀请邀请的人们。”

"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."

“这相对容易买卖。但是，现在只有一家公司提供它。因此，在这方面，这是一家关闭的商店。”

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.

在基本层面上，Tokenisation将物理房地产资产转换为数字股票（称为代币），记录在区块链上。 Cushman＆Wakefield Core的专业服务主管PP Varghese说，每个令牌代表该物业中的部分所有权，使许多投资者能够以低于传统房地产的范围参与。

"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.

他说：“原则上，这是构建和记录所有权的另一种方法，但基本资产仍然相同：财产仍然存在，产生收入，需要随着时间的推移进行相同的基本面。”

"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."

“象征化并不能取代房地产中的传统价值驱动因素。资产质量，位置，租赁，治理和市场动态仍然是最终决定资产绩效的因素。技术可能会改变访问和交易所有权的方式，但不会改变使财产成功的原因。”

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研究负责人Matthew Green说，目前在迪拜，正在鼓励投资者与DLD联系以表达对可用项目的兴趣。

"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，随着时间的流逝，我们希望市场能够进一步开放，不同的途径将获得这些资产以出现，这可能是通过官方政府渠道以及直接通过其他市场参与者的组合，包括开发商，资金和其他注册实体。”

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.

在回报方面，令牌房地产反映了传统的房地产投资：租金收益，资本增值和长期市场增长。 Tokenisation引入其他变量的位置是流动性，定价透明度，监管监督和平台稳定性 - 在包括迪拜，Cushman和Wakefield Core在内的大多数全球市场中，所有这些都保持了相对较早的阶段。

"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先生说：“我们建议投资者使用与其他任何房地产投资相同的纪律来实现象征化。” “结构可以允许分数访问，但是基本资产仍然需要进行彻底的尽职调查。”

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先生强调了标记资产如何开放财产供应和相关定价的波动。他补充说，除此之外，风险与技术，容纳和交易这些资产的系统和平台有关。

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.

格林说，Tokenisation最终通过使投资者池多样化，创造流动性，消除进入进入（时间，位置，投资规模等），并促进参与市场的更容易，更快的方法，从而有助于扩大市场。

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.

他补充说，从开发商或所有者的角度来看，它还创造了另一个潜在的撤资途径，为项目筹款提供了切实可行的替代方案，同时也吸引了一个全新的投资者来进入市场。

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，瓦尔吉斯先生说，这些缺点同样重要。监管框架仍在开发中，平台的质量和监督各不相同，在许多情况下，次要交易市场仍然很薄。

"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

“交易成本也可能变得不成比例，尤其是在较小的投资规模的情况下，象征性通常会以目标为目标。当您考虑平台费用，区块链汽油费，法律费用和监管合规成本时，总进度的总成本可以