TOKENIZED REAL ESTATE FOR UKRAINE: MARKET DATA, PILOT ECONOMICS, AND OPERATING DESIGN

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.