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As of september 4, 2026, real estate and construction projects regulated by the Comisión Nacional de Activos Digitales (CNAD) have accumulated US$633 million in issuances across 55 registrations since operations began in 2023.
This growth in tokenized financing is occurring alongside a period of robust expansion in the national construction sector. According to the Banco Central de Reserva, the Índice de Volumen de la Actividad Económica (IVAE) construction activity recorded year-on-year growth of 10.7% in june 2026. This was driven by the execution of public and private projects—primarily residential and commercial—as well as works involving road infrastructure, digital connectivity, and educational modernization. The sector’s dynamism is also reflected in Apparent Cement Consumption, which grew by 13.1% during the same month.
Real estate activities grew by 7.1% in june, bolstered by the availability and marketing of residential and non-residential projects—particularly new builds—and by increased financing for home acquisition and construction. In both sectors, the Banco Central de Reserva identifies access to financing as a key factor driving this growth.
Within this landscape of projects, developers have opted for various financing structures based on their specific needs. Some have issued debt tokens, which represent a payment obligation from the issuer to the investor—with principal and interest amounts defined at the outset—functioning similarly to a bond. Others have chosen revenue tokens; in this model, the investor does not receive a fixed payment obligation but rather a claim on future revenue streams generated by the project, whether through the sale, leasing, or operation of the real estate asset. Both structures are covered and regulated under El Salvador’s Digital Asset Issuance Law, allowing each project to choose the structure that best fits its business model, all while remaining under the supervision of the CNAD. Details regarding these issuances can be found in the public registry available at: https://cnad.gob.sv/es/lista-emisiones-es/
Projects funded through this mechanism are in areas of high development and growth—such as Surf City—as well as in other regions across the country, reflecting the nationwide reach of this financing mechanism.
In this context, CNAD-regulated tokenization is emerging as an additional financing channel for the sector, complementing traditional bank lending. Each issuance undergoes a registration process involving financial, legal, and risk analysis before being authorized, and remains under continuous CNAD supervision throughout its lifecycle.
“The country is building, and it needs financing mechanisms that match that growth. Real estate project tokenization demonstrates that regulation, when done right, does not stifle innovation—it drives it. In three years, we have opened a genuine financing avenue for El Salvador’s development, backed by the oversight investors need to feel confident”, said Juan Carlos Reyes, President of the CNAD.
This information is part of the comprehensive report the CNAD will present on september 21 to mark its third anniversary, at which time the institution will share a full overview of its work in the regulation and supervision of digital assets.
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