Niki Kazeroonian brings tokenized co-living to Dubai
'We’re going to see things we can’t even imagine,' she says of what’s next in tokenized real estate
Shared housing isn’t new. But shared ownership? That’s where things get interesting. In Dubai, startups are exploring how co-living spaces can be tokenized – letting residents live affordably while building equity along the way.
“We’re giving accessibility to a whole new market of investors that would otherwise not be able to invest in that asset,” Niki Kazeroonian, Director of Operations at TheBlock Dubai, told The Crypto Radio at Philippine Blockchain Week.
Kazeroonian helps newcomers navigate the legal, regulatory, and marketing hurdles of tokenized investment, making complex markets more accessible.
Making real estate accessible through tokenization
"We are a Chamber of Commerce for blockchain and web3 virtual assets," Kazeroonian said. Her organization's mission is simple yet powerful: help innovative projects launch successfully by connecting entrepreneurs with the right partners and navigating intricate regulatory landscapes.
TheBlock operates as a regional connector, bringing together regulators, legal experts, marketers, and startups under one umbrella to support the growth of tokenized assets and other blockchain innovations.
At its core, tokenization is about breaking down ownership of valuable assets – like real estate – into smaller, more affordable digital pieces called tokens. Each token represents a fraction of the asset, allowing everyday people to invest in opportunities previously reserved for the wealthy.
This democratization of investment is particularly exciting in Dubai, a city rapidly becoming a global blockchain innovation hub.
Behind the scenes: what it really takes to tokenize an asset
The process isn't as simple as minting a token and selling it online. Tokenizing an asset requires multiple complex steps: verifying ownership, engaging lawyers, creating a detailed prospectus, and treating the token like a traditional security – similar to how a company issues stock.
"Lawyers have to be involved," Kazeroonian emphasized. "A prospectus has to be issued because it is counted as a security." As she put it plainly: "It is actually a complicated process, not gonna lie."
Dubai is already paving the way. Recently, entrepreneur Amira Sajwani launched the first tokenized property in the Middle East and North Africa region, with the Dubai Land Department officially issuing ownership tokens. This milestone represents a significant leap in making investments more accessible – and more credible.
Kazeroonian sees this momentum growing. "Now we're tokenizing property. I'm talking to startups from all over the world now that are coming to Dubai to do the coolest things with this." One of those things is co-living. Startups are creating token models that allow residents to live in shared spaces while gaining fractional ownership over time.
"They want to tokenize co-living," she said.
The biggest hurdle: regulation and marketing
Navigating tokenization isn’t just about tech – paperwork, legal reviews, and compliance come first. Photo: Unsplash / Cytonn Photography
While the tech is ready, the legal and marketing framework still lags behind. "The simple part is actually the token itself. It's not very complicated to tokenize. It’s the regulatory side of things that’s complicated." Different jurisdictions have strict rules about marketing securities, and failure to comply can result in significant penalties.
"Advertising the token is extremely complicated," Kazeroonian said. Even when the legal paperwork is complete, the next battle is getting attention from investors. "You need to sell those tokens," she stressed.
"We see a lot of high net worth individuals or people that have those assets and they want to tokenize. They think it's simple, like you just tokenize, but you need to sell those tokens, unless it's such a strong project that you can fully rely on VCs and family offices and investors."
Even for promising projects, it’s not always easy to earn investor trust. "When people want to put their money into something, it's very difficult to get there."
The tokenization process typically follows these steps:
- Develop a comprehensive legal prospectus
- Create (mint) the digital token
- List and sell the tokens
- Secure necessary funding
A future of shared ownership and expanding possibilities
Kazeroonian isn’t just focused on real estate – she sees tokenization as a broader tool for redefining access across asset classes and lifestyles. Co-living is just one of many new models being tested, and she believes we’ve only scratched the surface.
"Innovation is the next step," she said. "We're going to see things that we can't even imagine."
As tokenization gains traction, Kazeroonian and TheBlock are focused on ensuring it delivers practical value. In Dubai, that future is already taking shape – one project at a time.
