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Real Estate Tokenization: A New Form of Securitization?

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  • Bertram Steininger

Abstract

After solving the double-spending problem of digital tokens with blockchain technology, the market for digital tokens has increased enormously over the last few years. Mostly real assets, which are not easy to divide, costly, and involve regulation effort, are identified as the most suitable assets for digital tokenization – properties and land are obviously among them. Even if the key element of solving the double-spending of digital tokens – the blockchain – is widely known, the specific regulations and procedures of this young and its infancy being technology are still not been researched and analyzed exactly. This paper analyzes the theoretical benefits and challenges of real estate securitization via blockchain and how different these “new” assets are from traditional securitizations based on empirical data (return, risk, holding ratios, fee, pricing) of the first token transactions.

Suggested Citation

  • Bertram Steininger, 2021. "Real Estate Tokenization: A New Form of Securitization?," ERES eres2021_109, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2021_109
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2021-109
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    More about this item

    Keywords

    blockchain; emprical; real estate tokenization; securitization;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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