On April 25, real estate tokenization — once just a niche experiment — may soon become the core pillar of real estate financing, holding and trading, according to a report released Thursday by the Deloitte Financial Services Center.

The company predicts that the tokenized real estate market could reach $4 trillion by 2035, with a CAGR of 27%, while its current scale is less than $300 billion.

The report notes that for the real estate industry, the attractiveness of asset tokenization lies in its ability to automatically execute and simplify complex financial protocols—such as on-chain real estate funds that handle property transfers and capital flows through programming rules. Deloitte cited an example that Chintai, a tokenization platform for the $100 million real estate debt fund under Kin Capital, which is based on trust deeds, is a typical example.

The report outlines the triple evolution path of real estate tokenization: private equity real estate funds, securitization loan ownership, and under-construction/undeveloped land projects. According to forecasts, tokenized debt securities are expected to dominate at $2.39 trillion by 2035, private equity funds may contribute about $1 trillion, and land development assets may reach around $500 billion.