Real Estate Tokenization: From Theory to Practice

Real estate tokenization aims to expand access, improve liquidity, increase transparency, and support decentralized control. This paper examines how well it achieves these goals. It relies on twenty peer-reviewed studies, both empirical and theoretical, to understand how these blockchain-based systems operate in practice. Tokenization facilitates small investors to participate in real estate markets, promoting financial inclusion through fractional ownership. However, secondary markets remain limited, and token prices often diverge from the actual value of underlying properties due to inconsistent valuation methodologies and limited access to market-level property data. Although decentralization is a core objective of blockchain, most platforms retain centralized control, limiting investor influence. In addition, unclear legal definitions and fragmented regulatory frameworks continue to constrain broader adoption. The review concludes by identifying technical and policy challenges and proposes practical strategies for strengthening platform design, legal integration, and market infrastructure.

کلیدواژه ها:

Real estate tokenization ، Blockchain ، Fractional ownership ، Market liquidity ، Price discovery