Off-plan: how your money is protected
What an escrow account is and where your payments actually go.
Payments for an off-plan property in Dubai go not to the developer directly but to the project's escrow account. This is required by Dubai Law No. 8 of 2007.
Each project has its own account at a bank approved by the regulator RERA. The money can only be spent on building that project, and the developer's creditors cannot claim it.
The bank releases funds to the developer as conditions are met, while RERA oversees the account and can appoint auditors.
Escrow does not guarantee that a project will be finished, so it matters to choose a developer with completed projects and to check the project's DLD registration. We do this before offering you a property.
