Mykonos at DAMAC Lagoons Escrow Account

The Mykonos escrow account is held by Emirates NBD Bank (P.J.S.C), account number 0205*****7425 (the full number is in the Escrow Details section above). The account sits under Dubai Land Department project number 2487, registered on 21 October 2022, and the same bank is named as the trust account bank on the RERA progress report of 30 September 2026.

In the Dubai REST app, the Project Status service lists the project as "Damac Lagoons - Mykonos" under project number 2487, with status Active. Its Escrow panel shows the bank name and the account number, and both should match the Escrow Details section above and the escrow details in the Sales and Purchase Agreement. The registered developer on the RERA report is Island Oasis Properties, developer number 921.

Under DAMAC's published launch plan, Mykonos buyers pay eleven 5 percent instalments within 3 to 33 months of the sale date and three instalments tied to construction milestones: 2 percent on 70 percent, 2 percent on 80 percent and 1 percent on 90 percent completion. The trigger only decides when a buyer pays. Every payment lands in the escrow account first, and the bank releases funds to the developer against progress verified by the Dubai Land Department, not against the buyer payment calendar. The schedule in each buyer's Sales and Purchase Agreement is the one that applies.

The Dubai Land Department register reads 81.06 percent for Mykonos at the 30 September 2026 inspection, 1.32 points above the previous reading of 79.74 percent. The RERA report of the same date records the superstructure as substantially completed and the progress status as Main Contract, Progressing. For escrow, the stages still ahead are the final construction-linked releases, the 20 percent completion payment and the retention held after completion. Each new reading is tracked on the Mykonos construction updates page.

No. DAMAC's launch plan states that the 4 percent DLD fee is paid in addition to the 20 percent deposit. It is the 4% DLD registration fee payable to the Dubai Land Department, not a payment toward the townhouse price, so it is not held in the Mykonos escrow account. Only the purchase price instalments go into escrow.

The final 20 percent of the Mykonos price falls due on completion under DAMAC's launch plan, with handover estimated for Q2 2027. Like every earlier instalment, it is paid into the project escrow account rather than to the developer directly, and the exact amount and timing follow the Sales and Purchase Agreement. Part of the escrow balance is also held back after completion as a retention against defect repairs.

The protection does not depend on the date. Buyer funds stay in the escrow account and are released only against progress verified by the Dubai Land Department, whenever that progress happens. Escrow protects capital while the townhouses are finished, but it does not compensate for a later handover; any terms on timing sit in the Sales and Purchase Agreement. After completion, a retention portion stays in escrow against defects, and the inspection that puts that retention to work is covered in the Mykonos snagging inspection guide.

No. Off-plan payments for Mykonos belong only in the DLD-registered escrow account 0205*****7425 at Emirates NBD (the full number is in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent, or a different company account, particularly one that offers a discount for paying outside escrow, matches the standard pattern of payment-diversion fraud however genuine the documents appear. The registered account in Dubai REST and the SPA are the two references any such request is checked against.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then handled from the protected funds under the supervision of the Dubai Land Department. That protection covers money paid into the registered account; money sent anywhere else falls outside it. Mykonos is well into construction, at 81.06 percent on the register as of the 30 September 2026 inspection, but the mechanism applies at every stage. How cancellations and escrow oversight work across Dubai is covered in the Dubai Land Department guide.

Escrow protects the purchase price instalments paid into the registered account. It does not cover the 4 percent DLD registration fee, agency fees, mortgage costs, service charges, or any money paid outside the account. It does not compensate for a later handover, and it does not replace a defect inspection: the retention held after completion supports repairs, but defects still have to be identified and reported.

DAMAC states in its Mykonos brochure that it has delivered approximately 43,700 homes since 2002, with a development portfolio of more than 30,000 in planning or in progress, both figures as of 31 December 2022. Those are group figures; the registered developer for Mykonos is Island Oasis Properties, developer number 921. The project's own register shows registration on 21 October 2022, a construction start on 12 February 2023 and a reading of 81.06 percent at the 30 September 2026 inspection.