Ibiza at DAMAC Lagoons Escrow Account

The Ibiza at DAMAC Lagoons escrow account is held with Emirates NBD Bank (P.J.S.C) under account number 0205*****7427; the complete number can be revealed or copied in the Escrow Details section at the top of this page. The account is attached to DLD project number 2486, which the Dubai Land Department registered on 21 October 2022.

No. Each off-plan payment for an Ibiza townhouse belongs in the DLD-registered escrow account 0205*****7427 at Emirates NBD (revealed in full in the Escrow Details section of this page), matching the escrow details in the Sales and Purchase Agreement. A request to pay a personal account, a broker's account or a different company account, particularly one offering a discount for paying outside escrow, fits the standard pattern of payment diversion fraud, however genuine the documents appear. Money sent outside the registered account carries no escrow protection.

In the Dubai REST app, the Project Status service lists the project under number 2486 and the register name Damac Lagoons - Ibiza. Its Escrow panel shows the bank name and the escrow account number, and the RERA progress report for the project names the registered developer as Island Oasis Properties, developer number 921. The bank and account number on a payment request are expected to match both that record and the Sales and Purchase Agreement.

DAMAC's published launch plan for Ibiza combines eleven 5% instalments due within 3 to 33 months of the sale date with three instalments of 2%, 2% and 1% due on 70%, 80% and 90% completion of the project. Both kinds are paid into the same escrow account. The date a buyer pays does not decide when the developer receives the money: the bank releases funds only against construction progress verified through Dubai Land Department inspections. The schedule that applies to a specific purchase is the one written into its SPA.

No. The 4% Dubai Land Department fee is paid in addition to the 20% deposit and goes to the Dubai Land Department as a registration fee, not into the project escrow account. It is therefore not part of the escrow balance and is never released to the developer. Only payments toward the purchase price, from the deposit to the completion payment, are held in escrow.

The final 20% of the price is due on completion, with handover expected in Q2 2027 (estimated), and it is paid into the same escrow account as the earlier instalments. After completion, a retention portion of the escrow balance is held back for a period to cover defects identified after handover, and only then released to the developer. The exact payment trigger and the balance due are set by the Sales and Purchase Agreement.

The Dubai Land Department register shows a registered completion date for project 2486 that has passed, while the expected handover is Q2 2027 (estimated). Escrow rules do not change with the calendar: funds stay in the account and are released only against verified construction progress. Escrow protects capital while the project completes but does not compensate buyers for a later handover; any such terms sit in the Sales and Purchase Agreement. The current completion date is confirmed in writing by DAMAC and on Dubai REST. Part of the escrow balance is also retained after completion against defects, which is why a pre-handover inspection, covered in the Ibiza at DAMAC Lagoons snagging inspection guide, forms part of the same protection.

The DLD register reading attached to the inspection of 30 September 2026 is 78.88%, up from a previous figure of 74.86%. The RERA report of that date describes the superstructure as substantially completed, with internal works and infrastructure at an advanced stage and the envelope, MEP, finishes and external works progressing. For escrow, the releases still ahead relate to the final stage of works, completion and the handover retention. Each reading is tracked on the Ibiza at DAMAC Lagoons construction updates page.

RERA takes control of the escrow account if a project is cancelled, and buyer refunds are then handled from the protected funds under the supervision of the Dubai Land Department. That protection reaches only money paid into the registered account; funds sent anywhere else fall outside it. With the register reading 78.88% and the superstructure described as substantially completed, Ibiza is well beyond the early phase in which cancellation risk usually comes up, yet the mechanism applies in every case. The wider framework is set out in the Dubai Land Department guide.

Escrow protects buyer payments toward construction. It does not protect the price, rental income or resale value of a townhouse, and it does not compensate for a later handover, which is a matter for the Sales and Purchase Agreement. The 4% DLD fee and any payment made outside the registered account are not held in it. Defects found after handover are handled under the developer's obligations in the SPA, supported by the retention kept in escrow after completion.

DAMAC's Ibiza brochure states that the company has operated in the Middle East luxury property market since 2002 and, as of 30 June 2022, had delivered approximately 42,000 homes, with more than 28,000 at various stages of planning and progress. These are company-wide figures from the developer's own material. For Ibiza itself, the Dubai Land Department register records construction started on 12 February 2022, registration on 21 October 2022 and a reading of 78.88% at the 30 September 2026 inspection.