Iranian Financial Engineering Association(IFEA) International Journal of Finance & Managerial Accounting 2588-4379 13 49 2026 04 01 Tokenization of Real Estate and Identifying it's Risks in Iran 101 118 24356 10.22034/ijfma.2025.78709.2298 EN Somayeh Amirkhani PhD Student of Financial engineering. Department of Financial. Faculty of Management, Economics and Accounting. Tabriz Branch. Islamic Azad University. Tabriz. Iran. Roya Ale Emran PhD Student of Financial engineering. Department of Financial. Faculty of Management, Economics and Accounting. Tabriz Branch. Islamic Azad University. Tabriz. Iran. Rasoul Baradaran Hassan Zadeh Associate Professor. Department of Accounting. Faculty of Management, Economics and Accounting. Tabriz Branch. Islamic Azad University. Tabriz. Iran. Journal Article 2025 08 09 The present study was conducted with the aim of identifying and ranking the risks of real estate tokenization in Iran. The present study was a fundamental and mixed study in terms of purpose, in the qualitative part, based on the grounded theory method was used, and in the quantitative part, the structural equation modeling method was used. The statistical population in the qualitative section of the panel of experts in real estate renovation in Iran, 10 of whom were selected as the sample based on the rule of theoretical saturation and by purposive method, and the statistical population in the quantitative section was academic experts, officials and executive actors, 200 of whom were selected as the sample based on Cochran's formula and available method. The data collection tool in the qualitative part was semi-structured interviews and in the quantitative part was a researcher-made questionnaire whose validity and reliability were confirmed. To analyze the data, MAXQDA 13.28 and Smart PLS 3.2 software were used. The indices of goodness of fit and GOF=0.735 showed that the developed model had a good fit with the experimental data. The results also showed that LLR (β=0.749), ECR (β=0.688), SOR (β=0.651), TCR (β=0.617), FER (β=0.574), IOR (β=0.523), CRR (β=0.458) and IR (β=0.369) are the most important risks of tokenization of real estate in Iran (P<0.01). http://www.ijfma.ir/article_24356_8e8005fe9e75607ca4be6bc2cc0e1e2d.pdf