In Dubai, off-plan project escrow accounts are monitored by the Dubai Land Department (DLD) through the Real Estate Regulatory Agency (RERA). RERA oversees these accounts to ensure developers adhere to regulatory requirements, thus safeguarding investors’ funds until the project’s completion criteria are met. This regulatory framework aims to enhance transparency and trust in Dubai’s real estate market, particularly for off-plan transactions.
When purchasing an off-plan property, you are not supposed to transfer money to the developer unless it is for the escrow account of the project, and it is illegal for developers to ask for such a transfer except for fees not related to the agreed selling price of the property.
