Register read , sources public register entry VL/25/02/001 and Dubai Land Department
Real estate tokenization on MANTRA Chain: roles, licences and costs in Dubai
Real estate tokenization on MANTRA Chain means a licensed issuer records rights in a property as tokens on the chain, with allow-list and transfer rules attached. MANTRA Chain supplies the ledger, not the property or the licence. In Dubai the Land Department opened its tokenisation pilot on 19 March 2025, and MANTRA announced agreements with MAG (3 July 2024) and DAMAC (9 January 2025).
Not financial advice. Crypto is highly volatile and may drop in value significantly. You may lose the amounts you invest and your investments do not benefit from any form of financial protection.
Facts
- Chain operator
- MANTRA Chain Association. Licence: none.
- Licensed company
- Mantra Finance FZE. VARA VASP Licence VL/25/02/001; no Category 1 VA Issuance listed (register entry).
- Land Department pilot
- Opened .
- Network fee
- 0.0136 MANTRA on average per transaction, week to .
Sources: public register entry, read 11 October 2026; Dubai Land Department release of 19 March 2025; Weekly Transparency Report 21, mantrachain.io/transparency/21/.
Site read , EVM announcement read
What MANTRA Chain provides when you tokenize real estate
As a real estate tokenization platform, MANTRA Chain supplies one layer: the public ledger on which an issuer's token contract runs. The property, its title, the legal structure and the licences stay with the issuer and its licensed partners. A property token carries exactly one legal right. The three legal models are set out in RWA tokenization explained and applied to property in the guide on how real estate tokenization works: title, custody and exit.
As described , source MANTRA EVM announcement and site Terms
On the chain: token contract, transfer rules and the settlement record
The issuer deploys a token contract on MANTRA Chain, as an EVM contract or in CosmWasm. MANTRA's EVM announcement lists ERC-3643, a standard for permissioned tokens, among the standards the chain supports, next to ERC-20 and ERC-721. With a permissioned standard, the contract checks each transfer against an allow-list of approved wallets and the issuer's transfer rules, and the chain keeps a public record of every transfer. Each transaction pays a network fee in MANTRA. Configuration is covered in the MANTRA Chain developer documentation.
Off the chain: title, legal structure, approvals and distribution
The chain does not hold a building. The title stays at the land registry, and the legal structure that ties a token to the property is written by the issuer and its lawyers. The issuer obtains its own approval, and the sale goes through licensed firms. The site's Terms say that MANTRA Chain Association operates the blockchain and offers no products or services of its own. What the network offers beyond property is on the RWA tokenization platform overview.
Register read , sources named under the table
Real estate tokenization in Dubai: who does what and which licence each role needs
A property tokenization in Dubai has at least six roles, and the blockchain is only one of them. The table shows who performs each role, which licence or approval it needs and whether it acts on MANTRA Chain. The public register lists no Category 1 VA Issuance activity for Mantra Finance FZE (VARA VASP Licence VL/25/02/001), so the issuer of a property token needs its own approval.
As of , sources public register entry VL/25/02/001, VARA Issuance Rulebook and Dubai Land Department
| Role | Who | Licence or approval needed | On MANTRA Chain? |
|---|---|---|---|
| Asset owner or developer | The company that owns the property or builds it. | Its title is recorded at the land registry. If the owner also issues the token, the issuer row applies to it. | No Not unless it is also the issuer. |
| Issuer | The entity that creates the token and offers it. | In Dubai outside the DIFC: VARA approval for Category 1 VA issuance of an asset-referenced virtual asset (ARVA) under Annex 2 of the Issuance Rulebook, or a place in the tokenisation programme authorised by the Dubai Land Department. | Yes Deploys the token contract and sets its allow-list and transfer rules. |
| Land registry | Dubai Land Department (DLD). | A public authority, so no licence applies. It keeps the property register and opened the pilot phase of its Real Estate Tokenisation Project on 19 March 2025, with VARA and the Dubai Future Foundation. | No The register is the Land Department's own record. |
| Distributor or broker-dealer | A licensed virtual asset service provider that sells the tokens or arranges their sale. | A VASP licence that covers the activity. Mantra Finance FZE holds VARA VASP Licence VL/25/02/001 for Exchange Services, Broker-Dealer Services and Management and Investment Services, and its licence condition permits it to serve institutional, qualified and retail investors. The register lists no Category 1 VA Issuance for it. | Partly Wallets of the clients it has checked can be added to the token's allow-list. |
| Custodian | Holds client assets and, depending on the structure, the documents of the underlying property. | Named per project | Partly MANTRA's page for institutions refers to integrations with regulated digital asset custodians. The custodian for a project is chosen by the issuer. |
| The chain | MANTRA Chain, operated by MANTRA Chain Association. | None held. MANTRA Chain Association operates the MANTRA Chain blockchain and is not licensed by VARA. Licence VL/25/02/001 belongs to Mantra Finance FZE, a separate company. | Yes It is the ledger: validators secure it and record each transfer. |
| Last verified . Sources: public register entry for Mantra Finance FZE; VARA Virtual Asset Issuance Rulebook; Dubai Land Department release of 19 March 2025; site Terms, mantrachain.io/terms | |||
The Land Department runs the registry side through the pilot phase of its Real Estate Tokenisation Project, opened on 19 March 2025; its Property Token Ownership Certificate and the first project are explained in the real estate guide, in the section on where the title lives: registry and token. VARA's Virtual Asset Issuance Rulebook governs the token in Dubai outside the DIFC. The DIFC and ADGM, the financial free zones of the United Arab Emirates, run their own regimes, which the guide to UAE rules for RWA tokenization maps.
Announcements of , and , read
What MANTRA has announced in real estate
This is a dated record, not a showcase. An announcement states an intention. None of the entries below shows that a property token has been issued, and none is an invitation to buy one.
-
MAG,
MANTRA announced a partnership with the UAE developer MAG. The announcement named Keturah Reserve, in Dubai's Meydan district, as the first focus, with projects structured in tranches that reach a cumulative value of US$500 million. That figure is the announcement's own and describes a plan.
Status on 11 October 2026: not confirmed in any first-party source
Source: MANTRA announcement, mantrachain.io/resources/announcements/uae-real-estate-giant-mag-partners-with-mantra-to-tokenize-500-million-in-real-estate-assets
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DAMAC,
MANTRA announced a partnership with DAMAC Group to tokenize real-world assets in the Middle East. It covered assets of DAMAC Group companies "with a minimum value of US$1 billion" and said they would become available early in 2025, exclusively on MANTRA Chain. No later first-party update was found.
Status on 11 October 2026: not confirmed in any first-party source
Source: MANTRA announcement, mantrachain.io/resources/announcements/mantra-and-damac-group-revolutionize-tokenized-real-world-assets-with-us-1-billion-deal
-
Inveniam and NVNM Chain
NVNM Chain is a Layer 2 on MANTRA Chain, operated by Inveniam under Interchain Security and aimed at private real estate data. MANTRA's sources disagree on its status: the llms.txt file dated 28 May 2026 says it is live in testnet, while the release of 16 June 2026 says its mainnet genesis block launched on 13 May 2026. In that release Inveniam Capital Partners announced plans to acquire MANTRA and its affiliated entities; whether the acquisition has closed is not confirmed.
Source: MANTRA announcement, mantrachain.io/resources/announcements/inveniam-to-acquire-mantra-combining-tokenized-asset-infrastructure-with-ai-ready-private-market-data
Report 21 published , read
Costs and timeline
The chain sets one cost of a tokenization, and it is the only one with a measured figure: the network fee. Every other line is charged by a third party and quoted per project, so no figure is given for it here.
As of , source Weekly Transparency Report 21
| Cost line | Charged by | Figure | Basis |
|---|---|---|---|
| Network fee | The network, paid in MANTRA | 0.0136 MANTRA | Average per transaction, week of 28 September to 4 October 2026 |
| Legal structuring | Law firm | No figure | Third-party cost, quoted per project |
| Regulator and registry fees | The regulator and the land registry | No figure | Third-party cost, from their own fee schedules |
| Valuation | Valuer | No figure | Third-party cost, quoted per property |
| Custody | Custodian | No figure | Third-party cost, quoted per project |
| Distribution | Licensed distributor | No figure | Third-party cost, quoted per offering |
| Audit | Auditor | No figure | Third-party cost, quoted per engagement |
| Last reviewed . Network fee as of . Source: mantrachain.io/transparency/21/ | |||
No MANTRA source gives a time from mandate to first issuance. The steps that take time are off the chain: the legal structure and the approvals in the roles table. Fee detail by transaction type is on the page about network fees on MANTRA Chain. To scope the on-chain work, discuss a real estate tokenization project with the institutions team.
Answers checked
Real estate tokenization FAQ
Does MANTRA sell tokenized property to investors?
No. MANTRA Chain Association operates the blockchain and, under the site's Terms, offers no products or services of its own. A tokenized property is offered by its issuer through licensed venues, under that issuer's own approval. This page describes infrastructure for issuers and is not an offer of tokens.
What licence does a real estate token issuer need in Dubai?
In Dubai outside the DIFC, the token falls under VARA's Virtual Asset Issuance Rulebook. A property token treated as an asset-referenced virtual asset needs approval for Category 1 VA issuance, unless the project runs inside the programme authorised by the Dubai Land Department. The DIFC and ADGM apply their own rules. Each issuer should confirm its route with counsel.
Can Mantra Finance FZE issue a property token for us?
No, on the evidence of the public register. The entry for Mantra Finance FZE (VARA VASP Licence VL/25/02/001) lists Exchange Services, Broker-Dealer Services and Management and Investment Services, and no Category 1 VA Issuance activity. The issuer therefore needs its own approval. Whether the company can distribute a given token is a question for it and for your counsel.
What is the status of the DAMAC and MAG agreements?
Both were announced, and the current status of neither is confirmed. MANTRA announced the MAG partnership on 3 July 2024 and the DAMAC Group partnership on 9 January 2025. No later first-party update had been found by 11 October 2026, so this page does not say that a property token from either programme has been issued.
How long does it take to tokenize a property?
There is no published figure. MANTRA has not stated a typical time from mandate to issuance, and most of the work happens off the chain: the legal structure, the valuation, the issuer's approval and the registry process. The on-chain part, deploying and configuring the token contract, is not what sets the timetable.
Register read , incident of
Regulatory note, risks and next step
MANTRA Chain Association operates the MANTRA Chain blockchain and is not licensed by VARA. Mantra Finance FZE, a separate company, is licensed by VARA under VASP Licence VL/25/02/001 for Exchange Services, Broker-Dealer Services and Management and Investment Services. The licence held by Mantra Finance FZE does not cover the Association, the chain or any issuer, and the register lists no Category 1 VA Issuance activity. Nothing on this page is an offer of tokens. For information only. Not investment advice. The companies are described on the page about MANTRA and its entities.
A property token can be hard to sell: it is only as liquid as the venue it trades on. Income from a building is not guaranteed. Where that is the case for the offering, such a token is not covered by any investor protection or deposit guarantee schemes. The chain adds technology risk: MANTRA Chain was exploited on 20 August 2026, as the MANTRA Chain security record sets out. See the risk disclosure for tokenized assets and the real estate guide's section on risks specific to tokenized property.
The hub lists all tokenization guides, and the terms used on this page are defined in the glossary: SPV, ARVA and custodian.
Discuss a tokenization project
Send the asset, its location, the proposed issuer and your timetable to the institutions team at [email protected].