DAMAC CASA Escrow Account

Abu Dhabi Islamic Bank holds the escrow account for DAMAC Casa, account number 2894***** (the Escrow Details section above carries the unmasked number), recorded against DLD project number 2801, which entered the Dubai Land Department register on 20 October 2023.

DAMAC Casa buyers pay on a time-based schedule: 20% at booking, sixteen quarterly instalments of 3.75% running to month 48 after the sale date, and a closing 20% on completion. Those payments enter the escrow account on the dates the Sales and Purchase Agreement sets, but the bank releases funds to the developer against construction progress recorded through Dubai Land Department inspections, not against the payment calendar. The latest register reading, dated 18 August 2026, stands at 33.55%.

In the Dubai REST app, the Project Status service under Services returns DAMAC Casa by project number 2801 or by its register name, Damac Casa. The project record there shows the status, the latest inspection reading and the escrow bank and account number, which can be compared digit by digit with the Sales and Purchase Agreement and with any payment instruction before a transfer.

The 4% DLD registration fee is paid to the Dubai Land Department in addition to the 20% booking deposit. It is a government registration charge rather than part of the purchase price, so it does not enter the DAMAC Casa escrow account and is not released to the developer. Only the purchase-price payments (the deposit, the sixteen instalments and the completion payment) go into escrow.

No. Off-plan payments for DAMAC Casa belong only in the DLD-registered escrow account 2894***** at Abu Dhabi Islamic Bank (the Escrow Details section above carries the unmasked number), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or a different company account, particularly one offering a discount for paying outside escrow, matches the standard pattern of payment fraud however official the documents appear. Two references settle any such request before money moves: the account shown for project 2801 in Dubai REST and the account written into the Sales and Purchase Agreement.

The Dubai Land Department register recorded 33.55% construction progress for DAMAC Casa on 18 August 2026, up from an undated previous reading of 25.82%. The inspection report for that date notes enabling and foundation works substantially completed, substructure works at an advanced stage, superstructure, internal and MEP works progressing, and the external envelope and finishes at an early stage. Because releases follow recorded progress, the larger share of construction-linked releases is still ahead. The dated record is tracked on the DAMAC Casa construction updates page.

Yes. The escrow safeguard does not lapse with the calendar. Instalments on the time-based plan still fall due on the dates in the Sales and Purchase Agreement, but money in the escrow account is released to the developer only against recorded construction progress, whatever the calendar says. Escrow protects capital while the tower is completed; it does not compensate for a delay, and delay terms sit in the Sales and Purchase Agreement. The expected handover is Q2 2028.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then handled from the protected funds under Dubai Land Department supervision. Money paid into the registered DAMAC Casa account sits inside that safety net; money sent to any other account sits outside it. The regulatory framework behind this is covered in the Dubai Land Department guide.

Oqood is the Dubai Land Department's interim register for off-plan units: a DAMAC Casa purchase is recorded there once the Sales and Purchase Agreement is registered and the 4% DLD registration fee is paid. The title deed follows after completion and handover, once the final 20% is settled. Exact timing for each unit follows the Sales and Purchase Agreement and current Dubai Land Department procedures.

The escrow account safeguards purchase-price payments made into the registered DAMAC Casa account while the tower is built. It does not compensate for delays (those terms sit in the Sales and Purchase Agreement), it does not hold the 4% DLD registration fee, which is paid to the Dubai Land Department, it does not guarantee resale value or rental returns, and it does not protect money sent to any account other than the registered one.