Elegance Tower Escrow Account

Emirates NBD Bank (P.J.S.C) holds the escrow account for Elegance Tower, account number 0205*****0402 (the unmasked number is available in the Escrow Details section above), linked to DLD project number 2475 since the project was registered on 10 November 2022 with DAMAC Properties, registered as Pathfinder Property Development L.L.C (DLD developer number 1357), as developer.

Under DAMAC's 2022 launch plan, the 20 percent deposit, the twelve time-based instalments and the three 3 percent instalments tied to the 70%, 80% and 90% construction milestones were all paid into the escrow account first. Emirates NBD passed money to the developer only after a DLD inspection had certified the corresponding progress, the latest dated 16 September 2026 at 100 percent, up from 86.23 percent on 12 April 2026. The full inspection history is tracked on the Elegance Tower construction updates page.

The 4% DLD registration fee was payable in addition to the 20 percent initial deposit under the Elegance Tower launch plan, so it sat on top of the 100 percent paid across the 17 plan payments rather than forming one of them. It is a Dubai Land Department registration charge, separate from the purchase price instalments held in escrow. How DLD registration and its fees work across the market is set out in the Dubai Land Department guide.

Oqood is the Dubai Land Department register for off-plan sales, and each Elegance Tower apartment sold during construction was recorded there, which is what tied its payments to the project escrow account. In general Dubai practice, once a building is complete and a unit is fully paid and handed over, the Oqood record is replaced by a title deed issued by the Dubai Land Department. With the Building Completion Certificate dated 28 July 2026 and the project listed as Finished, the timing for each apartment follows DAMAC's handover process.

Yes. The registered completion date of 28 February 2026 lapsed with works still in progress: the tower read 86.23 percent on 12 April 2026, received its Building Completion Certificate on 28 July 2026 and reached 100 percent on 16 September 2026. At no point did the missed date change the release rule: money held in escrow could move to the developer only when an inspection certified the matching progress. Escrow safeguards the capital itself and pays no compensation for lateness; any delay terms are set by each Sales and Purchase Agreement. The retention held after completion and its link to the handover inspection are covered in the Elegance Tower snagging inspection guide.

No. Every Elegance Tower instalment due under the Sales and Purchase Agreement, including the 20 percent completion payment, goes into the DLD-registered escrow account 0205*****0402 at Emirates NBD (the complete number is revealed in the Escrow Details section above). Instructions pointing to an individual, a broker or an unfamiliar company account, especially when paired with a discount for bypassing escrow, follow the standard pattern of payment fraud however official the paperwork appears. The safe reference points for any such request are the escrow record for project 2475 in Dubai REST and the escrow clause of the Sales and Purchase Agreement, consulted before money leaves the buyer's account.

The Elegance Tower escrow account is listed in the Dubai REST app under Services, then Project Status, by searching project number 2475 or the name Elegance Tower. The Escrow panel shows the bank, Emirates NBD Bank (P.J.S.C), and the account number, which should match both this page and the escrow details in the Sales and Purchase Agreement. The same record shows the project status as Finished and the latest inspection at 100 percent on 16 September 2026.

The escrow account protects buyer capital by holding payments and releasing them only against certified construction progress; it does not compensate for delay, since those terms sit in the Sales and Purchase Agreement. It offers no protection for money sent to any account other than the one registered for project 2475, and it does not guarantee resale prices, rental income or service charge levels. It also does not replace an inspection of the finished apartment: defects are identified at handover and rectified by the developer, with part of the escrow balance retained after completion for that purpose.

Elegance Tower's own record runs from DLD registration on 10 November 2022 and a construction start on 16 January 2023 to a registered completion date of 28 February 2026, DCD approval on 20 July 2026, the Building Completion Certificate on 28 July 2026 and 100 percent with a Completed status at the 16 September 2026 inspection, and the DLD register lists the project as Finished. At company level, DAMAC's brochure states it has operated since 2002 and delivered approximately 42,000 homes, figures given as of 30 June 2022.

For an apartment bought directly from DAMAC, the payment account is the one written into the Sales and Purchase Agreement, and it can be matched against the escrow account registered for project 2475 in Dubai REST before any transfer. For a resale apartment, the price is paid to the seller through the Dubai Land Department transfer process rather than into the project escrow, and any balance the seller still owes DAMAC under the original plan is settled or assumed as part of that transfer. Prices start from AED 1.79M (approx USD 487K) for 1 bedroom and AED 2.34M (approx USD 637K) for 2 bedroom apartments, as listed in the Elegance Tower project guide.