An iconic skyline, featuring architectural marvels like the Burj Khalifa and Palm Jumeirah elevates the status of Dubai. The emirate combines luxury living with state-of-the-art infrastructure. Dubai also boasts a thriving real estate market. This blog is about the role of Escrow accounts in ensuring security of property investments.
Top Property Investment Destination
Dubai has emerged as a premier real estate investment destination, attracting global investors with its dynamic market, strategic location, and urban development.
With a robust economy, tax-free income, and long-term residency visa for property owners, Dubai ranks among the top real estate hot spots. With ongoing projects like the Emaar South and Expo City, Dubai’s real estate sector offers diverse opportunities for investors.
Escrow account – added investor security
There is great demand for Dubai’s off-plan projects as they offer high returns for investors. The Dubai government has taken multiple measures to safeguard the interests of property investors. Escrow account is one of them. It is a bank account specifically for real estate projects. It is used to deposit funds from buyers of off-plan units. This account aims to regulate the construction process, ensuring the protection of investor rights.
Fine for non-compliance
Significantly, developers in Dubai can promote off-plan projects only after completing certain registration procedures. Law No. 8 of 2007 on Real Estate Development Escrow Accounts in Dubai defines these procedures. The failure to comply with the rules can result in hefty fines for developers.
Further, Investors can verify whether off-plan projects are licensed and registered with an escrow account by checking through the Dubai REST application of the Dubai Land Department. Investors should make payments only to the project’s escrow account.
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