Bay Villas Escrow Account

Dubai Islamic Bank (Public Joint Stock Company) holds the escrow account for Bay Villas, account number 0015*****506601 (the full number is shown in the Escrow Details section above). The account is registered against DLD project number 2899, which the Dubai Land Department recorded on 15 February 2024.

Under the Bay Villas 20/50/30 payment plan, the 20% booking payment and the 50% construction share, which the buyer pays in instalments as the Sales and Purchase Agreement with the developer schedules them, go into the Dubai Islamic Bank escrow account registered to project 2899, and the bank releases funds to the developer only against construction progress recorded by DLD inspections under the escrow rules. The final 30% falls due on handover, expected in Q2 2027. The 4% DLD registration fee due at booking is paid to the Dubai Land Department and does not enter escrow.

No. The 4% DLD registration fee is a percentage of the purchase price that goes straight to the Dubai Land Department at the point the Bay Villas sale is registered, alongside the 20% booking payment. It is a government fee rather than an instalment, so it never passes through the escrow account and is never released to the developer.

Oqood is the Dubai Land Department register for off-plan sales. A Bay Villas purchase is recorded there once the Sales and Purchase Agreement is registered, which ties the buyer's unit to project 2899 and its escrow account. After completion and the final payment, the title deed for the finished home is issued in the buyer's name by the Dubai Land Department.

No. Off-plan payments for Bay Villas belong in the DLD-registered escrow account 0015*****506601 at Dubai Islamic Bank (the full number appears in the Escrow Details section above), matching the account named in the Sales and Purchase Agreement. A request to route money to a personal account, a broker's account or a different company account, particularly one sweetened with a discount for paying outside escrow, fits the standard pattern of payment-diversion fraud, however genuine the documents appear. Any such request is tested against two references before money moves: the escrow record for project 2899 in Dubai REST and the escrow clause of the Sales and Purchase Agreement.

Yes. A later handover does not move funds out of escrow: money already paid stays in the Bay Villas account and is still released only against progress recorded by DLD inspections. The latest DLD register reading is 22.76 percent at the inspection of 19 August 2026, and each new reading is tracked on the Bay Villas construction updates page. Escrow protects capital but does not pay compensation for delay; any delay terms sit in the Sales and Purchase Agreement. A retention portion also remains in escrow after completion, so the account keeps a role beyond the handover date itself.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and refunds to buyers are handled from the protected funds under DLD supervision. That safety net reaches only money paid into the registered Bay Villas account; payments sent anywhere else fall outside it. How DLD regulates off-plan projects across Dubai is covered in the Dubai Land Department guide.

The Dubai REST app lists Bay Villas under Services, Project Status, as project number 2899 with the register name "Bay Villas - Dubai Islands". The project record shows the escrow bank and account number alongside the project status, registration date and latest inspection reading, so the details on any payment instruction can be compared with the official record before each transfer.

Nakheel was founded in 2003. Its Palm Jumeirah land reclamation was completed in 2006, with the first residents arriving in 2007, and Jumeirah Village Circle was launched as a master community in 2004; its communities also include Al Furjan and Discovery Gardens. Bay Villas has no completed sibling phase on Island B. On its own register record, the project entered the DLD register on 15 February 2024, works began on 26 July 2024, and the reading of 19 August 2026 stood at 22.76 percent.

DUBAI ISLANDS L.L.C, developer number 105, is the registered developer entity for the project on the DLD register, recorded against project number 2899. The escrow account, the inspection readings and the Oqood registrations for Bay Villas all sit under that same project number, which is the reference to match on any payment document.

The escrow account protects payments made into it while Bay Villas is built; it does not compensate buyers for delay, because delay terms sit in the Sales and Purchase Agreement. It does not hold the registration fee paid to the Dubai Land Department, and it offers no protection for money sent to any account other than the registered one. It also does not replace the buyer's own check of the account details before each transfer.