Introduction
The real estate sector has historically been constrained by illiquidity, high transaction costs, and reliance on intermediaries. Blockchain technology promises to change this by enabling tokenized real estate assets that can be traded more efficiently, transparently, and securely. While tokenization itself has been a growing theme for years, the real test of maturity lies in secondary trading and listing platforms—the infrastructure that allows tokenized real estate to behave like traditional financial assets.
The soon-to-be released 2025 FIBREE Product Database Survey highlights this shift in focus. With more than 840 blockchain-enabled products globally mapped this year, secondary markets and listing platforms for tokenized property stand out as one of the fastest-evolving segments. This blogpost provides an overview of the latest developments, drawing on international reports and market research, with a special lens on how blockchain technology is shaping secondary trading in the real estate and construction industries.
1. Liquidity Through Tokenization: Context and Growth
Before delving into secondary markets, it’s worth reiterating the foundation: tokenization enables fractional ownership, removes barriers to entry, and sets the stage for liquidity. Reports from CoinGecko and the WEF (2025) show that the market for tokenized real-world assets (RWA) has expanded dramatically in recent years.
Yet, tokenization alone does not guarantee liquidity. What matters is whether tokenized real estate can be listed, traded, and consumed like other financial instruments. This is where dedicated infrastructure must emerge—platforms that handle custody, trading, settlement, and compliance, all while bridging on-chain and off-chain realities.
2. The Role and Structure of Listing Platforms
A robust secondary market needs more than trading engines—it requires transparency, discoverability, analytics, and compliance. Listing platforms offer a gateway: they showcase tokenized property offerings, allow price discovery, and provide data-driven insights to participants.
One example is AssetList, which markets itself as a “Bloomberg-style” hub for fractionalized and tokenized real-world assets (RWAs). It enables investors to browse listings, compare assets, and access legal/regulatory support, while offering custody and structuring services in collaboration with issuers.
Another is Tokelytics, a platform that aggregates tokenized real estate offerings globally and provides asset operators with analytics and visibility. It positions itself as a bridging solution for property token issuers to connect with a broader investor base and provide transparent, data-driven metrics.
Similarly, a joined venture of CF Inovação and Netspaces, is about to launch a new Brazilian initiative which is positioning itself as a “stock exchange for tokenized properties.” As reported by Bloomberg Línea, the venture aims to create a regulated, liquid, and transparent environment for trading real estate tokens. This highlights that Latin America, and Brazil in particular, are rapidly emerging as key testbeds for tokenized property listing infrastructure.
In parallel, RealEstate.Exchange positions itself as a global trading venue for real estate tokens, seeking to combine institutional-grade compliance standards with blockchain-enabled settlement. Its focus lies in facilitating secondary liquidity for tokenized property assets while providing a marketplace structure that mimics traditional exchanges.
These platforms are not exchange operators per se; they are listing & data aggregation infrastructures. Their role is critical in improving access, standardization, and trust—especially in early-stage ecosystems where discoverability and comparability are low.
3. Market Maturity Requires Transparency & Standards
While listing and trading platforms represent progress, the journey toward a mature market is still incomplete. Several recent launches and tokenization efforts (comparable to some high-visibility property token platforms) have encountered skepticism due to gaps in transparency, reporting, and governance. In other words, the technical infrastructure often moves faster than trust frameworks can adapt.
This is where listing platforms like AssetList, RealEstate.Exchange and Tokelytics can serve as market enablers. By requiring detailed metadata, independent audits, and consistent performance disclosures, they help raise baseline standards. Their visibility into portfolio metrics, asset comparisons, and historical performance incentivizes issuers to maintain discipline.
At the same time, emerging listing platforms mean that investors can compare across platforms rather than being siloed. As the RWA market map from Tokeny shows, listing/data platforms are now recognized as key nodes in the tokenization ecosystem.
When listing platforms demand strong transparency and audits, they become a gatekeeping layer—only assets that meet certain governance standards gain access. That helps weed out weak or speculative offerings and supports the maturation of real estate token markets.
4. Regulatory, Infrastructure & Institutional Drivers
For listing platforms to succeed, they must integrate with compliant infrastructure—custody, transfer agents, regulated exchanges, and settlement rails. Institutions and regulators are increasingly involved.
The BIS, FSB, and various central banks continue to explore the risks and guardrails of tokenized finance, especially in onboarding real-world assets. Their research emphasizes interoperability, standards, and counterparty risk—factors that listing platforms must align with.
Meanwhile, major financial institutions such as BNY Mellon and Goldman Sachs are making early bets on tokenization infrastructure, including custody, issuance, and potentially trading layers. These institutional commitments raise expectations for listing platforms to adhere to professional-grade standards from day one.
Academic innovations also contribute: for instance, the recently published xRWA framework explores cross-chain asset settlement, identity, and authentication that can support listing across multiple blockchain networks.
5. Use Cases and Emerging Examples
Several nascent tokenized real estate offerings are beginning to leverage listing/data platforms:
Some property token issuers now publish comprehensive performance data and comparators via Tokelytics reports, helping them attract new investors by enhancing visibility and benchmarking.
In markets like Europe and the U.S., issuers are turning to AssetList’s structuring and legal support to bridge between on-chain and off-chain trust requirements.
Listing platforms also enable cross-issuer comparability, which is essential for a secondary market to mature—investors want benchmarks, not isolated offerings.
Meanwhile, analytics platforms like RWA.xyz offer supplementary intelligence by tracking on-chain valuations, investor holdings, and issuance metrics across the ecosystem. Their data becomes a feedback layer that listing platforms can incorporate for real-time insight and discovery.
6. Roadmap Toward a Liquid Tokenized Real Estate Market
To evolve from niche to mature, listing platforms must co-evolve with infrastructure and market practices. Below is a suggested maturity path:
| Stage | Focus | Enablers | Outcome |
| Discovery & Listing | Aggregation, metadata, analytics | AssetList, Tokelytics, RWA.xyz | Issuers gain visibility; investors discover new assets |
| Compliance & Trust | Audits, token standards, identity | Partnerships with legal, custody, transfer agents | Issuers meet credibility thresholds |
| Trading & Settlement | Secondary order matching, settlement rails | Integration with decentralized protocols, cross-chain frameworks | Assets trade with low latency and reliability |
| Institutional Anchoring | Institutional capital, regulated market access | Listings on security token exchanges, insurance layers | Large-scale liquidity, benchmarks, index products |
This path aligns with forecasts from McKinsey and the WEF: tokenization’s transformative potential depends on building liquid, interoperable markets, not just standalone issuances.
Conclusion
Secondary trading and listing platforms are the apparatus through which real estate tokens realize their promise. Without them, tokenization risks remaining a boutique innovation. With them, it can reshape how capital flows into construction and property.
Platforms like AssetList, RealEstate.Exchange and Tokelytics are helping to raise standards and transparency, while data platforms like RWA.xyz feed real-time insight into market sentiment and performance.
As the 2025 FIBREE Product Database goes live on 16 October at 4:30 pm CET (click here to register for this online event), the inclusion and mapping of listing & trading platforms will be crucial. This next generation of blockchain-enabled real estate products hinges on the ability to trade with confidence.