Pause for a minute before the bank transfer
In recent weeks I have seen the same question several times: when I buy an off-plan home in Dubai, where does my money actually go? The answer involves the escrow account. It is a simple check to make before every payment, not afterwards.
What is an escrow account?
It is a bank account opened for one specific property project. Payments from buyers of off-plan units are deposited there. The account is managed by an authorised bank or financial institution and keeps the project’s money separate from the developer’s ordinary company accounts.
A very practical example
Imagine buying an apartment for AED 1.2 million and paying a 20% instalment, equal to AED 240,000. Before the transfer, check that the beneficiary and account number match the project escrow account shown in the official documents. A general company account is not the same thing.
What it protects and what it cannot guarantee
According to the Dubai Land Department, the escrow account helps regulate construction and protect buyers’ rights. The money must be used to develop that project. It does not promise that delays or problems are impossible: you still need to check the developer, the contract and construction progress.
How Rema Living helps
Before recommending an off-plan purchase, Rema Living checks the project, developer, documents, payment plan and consistency of the bank details. We do not stop at the brochure. You can book a meeting to review a project with us before transferring money.
The four checks to make
Confirm that the project is registered with the Dubai Land Department, check its status on the DLD website or Dubai REST app, compare the escrow details with the contract and request written confirmation if anything differs. If payment is requested to another account without an official explanation, stop and clarify before proceeding.
