The on-chain tokenized real estate market has grown to a significant $392.52 million in total asset value, according to recent data analyses. This market is spread across 58 live assets and held by over 10,440 holders. However, the growth is highly concentrated, with the United States and the United Arab Emirates accounting for roughly 80% of the total value.
The data, highlighted by platforms like RWA.XYZ, shows a clear geographic and structural imbalance. The U.S. leads in value with 10 assets worth $145 million, often focusing on fractional ownership and real estate-backed debt within established regulatory frameworks. The UAE leads in the number of tokenized assets, with 23 assets valued at $129 million, aligning with its push for digitally native property markets.
Despite the value growth, user participation remains limited, with only 396 monthly active addresses. This indicates the sector's expansion is asset-led, not user-led, driven by institutional issuers rather than broad retail adoption. Activity spans 10 countries, including Canada, Mexico, and several European nations, but these regions contribute marginally to the overall value.
In terms of blockchain infrastructure, Mantra Chain, a regulated network from the UAE, leads by tokenizing $117.7 million of real estate assets. It is followed by Base ($81.5 million) and Stellar ($71.7 million). The Ctrl Alt tokenization platform has the highest total value of tokenized real estate assets at $124 million.
Notable tokenized properties include World Islands projects in the UAE, such as the DAMAC City tower and the Dubai Marina Hotel, which was tokenized on the XRP Ledger. While the current market is small compared to tokenized U.S. Treasuries ($10 billion) or stablecoins ($293 billion), forecasts are bullish. Analysts like Deloitte project the tokenized real estate market could grow from under $300 billion in 2024 to over $4 trillion by 2035, driven by a ~27% CAGR.
