Canal Heights Escrow Account

Emirates NBD Bank (P.J.S.C) holds the escrow account for Canal Heights, account number 0205*****0102 (shown in full in the Escrow Details section above), opened under DLD project number 2602 when the project was registered in March 2023.

The entity registered with the Dubai Land Department against project 2602 is Vesta Real Estate Development L.L.C, under developer number 1552, while the project is marketed under the DAMAC brand. Registered development companies and marketing brands are frequently different in Dubai, and the registered name is the one that appears in Dubai REST and on official escrow records for Canal Heights.

The 20/60/20 structure means the 20 percent booking deposit and all sixteen quarterly construction instalments land in the escrow account first. The bank releases funds to the developer only against construction stages certified by DLD inspections, and the final 20 percent falls due on completion, expected in Q2 2027.

No. The 4 percent DLD registration fee is payable in addition to the initial deposit and sits outside the escrow account entirely. It is a government registration charge collected by the Dubai Land Department rather than part of the purchase price held in trust for construction.

The DLD inspection dated 22 April 2026 certified 31.22 percent completion, up from 23.61 percent at the previous inspection. Piling and foundation works are complete, structural works are at an advanced stage, and envelope, internal, finishes and MEP works are at early stages. Dated inspection detail is tracked on the Canal Heights construction updates page.

Yes, the protection continues. Funds remain in the escrow account and are still released only against certified progress, regardless of the calendar. Escrow protects capital while a project completes, though it does not itself compensate for delay; those terms sit in the Sales and Purchase Agreement.

No. Every off-plan payment for Canal Heights must go into the DLD-registered escrow account 0205*****0102 at Emirates NBD (the full number sits in the Escrow Details section above), exactly as recorded in the Sales and Purchase Agreement. Any request to send funds to a personal account, an agent's account, or an alternative company account, especially one paired with a discount for paying directly, is the classic pattern of payment fraud, no matter how official the paperwork looks. Any such request should be checked against the escrow account registered in Dubai REST and the details in the Sales and Purchase Agreement before any funds are sent.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are processed from the protected funds under DLD supervision. This is the precise reason paying only into the registered account matters: money sent anywhere else sits outside that protection and outside that process. The wider framework is explained in the Dubai Land Department guide.

Yes, Canal Heights is a freehold project, open to all nationalities.

It depends on the tier purchased, because Canal Heights pricing straddles the threshold. The property investment route to the 10-year Golden Visa requires AED 2 million. Studios from AED 1.255 million (approx USD 342,000) and one bedroom apartments from AED 1.671 million (approx USD 455,000) fall below it, while two bedroom apartments from AED 3.429 million (approx USD 934,000) and the three and four bedroom duplexes clear it. Requirements and application timing are covered in the Canal Heights Golden Visa guide.