Tokenizing Real Estate in Project Development

Marijana Sreckovic and Bernhard Wurdinger

ERES from European Real Estate Society (ERES)

Abstract: This research investigates the potential of blockchain technology for real estate development, focusing on the economic, legal, and technical conditions necessary for implementing tokenization in this sector. Real estate development is traditionally a high-risk and capital-intensive activity, often characterized by expensive financing and lengthy project timelines. Blockchain technology offers a promising solution by enabling the division of property ownership and preliminary project development into digital tokens, allowing for more efficient financing and liquidity. The study examines the conditions under which tokenization can be implemented in real estate projects, explores suitable token structures, and analyzes its impact on the project conception phase. It also considers how the type and intended use of a property influence tokenization strategies. Through expert interviews, the empirical analysis identifies potential applications and challenges. The findings suggest that blockchain technology holds significant potential for transforming real estate development, creating new business models, and enhancing efficiency. However, the successful standardization of tokenization requires its integration into the entire project development process.

Keywords: Blockchain technology; Financing; New business models; tokenization (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
New Economics Papers: this item is included in nep-pay and nep-ppm
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