Metric and Share-Based Housing Sales on Blockchain as a Novel Financial Instrument: A PropTech Pathway to Housing Affordability in High-Inflation Economies

In economies experiencing chronic double-digit inflation, the conventional route to home ownership breaks down: house prices capitalise inflation expectations and outrun both wages and regulated deposit rates, while thin mortgage markets force households into near-full cash purchases of an indivisible asset. This paper examines blockchain-based metric and share-based housing sales, in which claims on specific dwellings are issued as digital tokens denominated in square metres or ownership percentages, as a novel financial instrument capable of restoring a feasible accumulation path. The study combines two methods. First, a documentary institutional comparison contrasts three generations of fractional housing finance, namely listed real estate funds, exchange-traded metric housing certificates, and registry-integrated tokenization as piloted by the Dubai Land Department in ۲۰۲۵, across seven design dimensions. Second, a stylised dynamic simulation, calibrated to conditions typical of high-inflation economies, compares household accumulation under incremental token purchases with reinvested rental yield against saving in bank deposits. The simulation shows that a median saver acquires a ۶۰-square-metre dwelling in roughly two decades through tokenized accumulation, whereas the deposit strategy never attains the target because its purchasing power in housing terms peaks and then declines. The paper develops a five-layer conceptual model for implementing such instruments and discusses affordability, growth, and stability implications, together with the regulatory safeguards these markets require.

کلیدواژه ها:

real estate tokenization ، PropTech ، housing affordability ، blockchain ، high-inflation economies