TOKENIZED REAL ESTATE FOR UKRAINE: MARKET DATA, PILOT ECONOMICS, AND OPERATING DESIGN
Abstract
The article assesses tokenized real estate as a financing instrument for Ukraine's reconstruction. Drawing on current rules and market data from the EU, the US, Dubai, UAE, and South Korea, it models pilot-issue economics, operator profit and loss, and break-even AUM. The empirical anchors are ESMA's classification of crypto-assets, the RWA.xyz live monitor, French AMF and US SEC filings, and Ukrainian legal limits under Law No. 2074-IX and draft bill No. 10225-d. The article recommends an SPV-linked security with bank settlement, full KYC, completed income-producing property, and scheduled exit windows. The minimum efficient issue is near US$3 million. Break-even AUM lies in the US$50-110 million band. The target buyer pool is 200-300 investors with an average ticket of US$10,000-15,000. The article sets out a business-process circuit usable by Ukraine-linked issuers under current law.
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Garcia-Teruel R. M., Simón-Moreno H. (2021) The digital tokenization of property rights. A comparative perspective. Computer Law & Security Review, vol. 41, article 105543. DOI: https://doi.org/10.1016/j.clsr.2021.105543
Baum A. (2021) Tokenization – The future of real estate investment? The Journal of Portfolio Management, vol. 47, no. 10, pp. 41–61. DOI: https://doi.org/10.3905/jpm.2021.1.260
El Jaouhari A., Samadhiya A., Kumar A., Chokshi H., Šešplaukis A., Raslanas S. (2025) Tokenization and the future of property investment: A new paradigm for real estate. International Journal of Strategic Property Management, vol. 29, no. 4, pp. 297–315. DOI: https://doi.org/10.3846/ijspm.2025.24814
Konashevych O. (2020) Constraints and benefits of the blockchain use for real estate and property rights. Journal of Property, Planning and Environmental Law, vol. 12, no. 2, pp. 109–127. DOI: https://doi.org/10.1108/JPPEL-12-2019-0061
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