SPV-based fractional shares under DFSA regs, not on-chain tokenization — which matters because every on-chain attempt (RealT's Detroit portfolio, Lofty's single-family stuff) has run into secondary markets trading at steep NAV discounts since holders can't force underlying property sales. Stake sidestepping chain entirely and building a compliant OTC transfer facility through ACE's private markets rails is the pragmatic answer, but "liquidity" here is walled-garden permissioned, not DeFi composable. Dubai residential has been ripping for years — any exit mechanism looks good until the cycle turns.

Top comment by @Benthic