Portofino at DAMAC Lagoons Escrow Account

Emirates NBD Bank (P.J.S.C) holds the escrow account for Portofino at DAMAC Lagoons, account number 0205*****7416 (the complete number is available in the Escrow Details section above). The account is recorded against DLD project number 2356, which the Dubai Land Department registered on 31 January 2022.

Portofino appears in Dubai REST as "Damac Lagoons - Portofino" under project number 2356, with the status Active. The project record carries the Escrow panel naming Emirates NBD and the account number, together with the latest inspection reading.

The DLD register reading dated 16 July 2026 shows 97.14 percent, up from 96.9 percent at the previous inspection. According to the RERA inspection report from that day, the structural and internal works stand substantially complete, while the external envelope, MEP, finishes, infrastructure and external works are at very advanced stages. Month by month detail is tracked on the Portofino construction updates page.

Under the Original Launch Payment Plan DAMAC set for Portofino in 2022, the 15 percent down payment and twelve time-linked instalments (eight of 5 percent, then four of 3.75 percent, up to 36 months after the sale date) are paid into the escrow account, and the final 30 percent falls due on completion. The bank releases money to DAMAC only against DLD-verified construction progress, whatever the payment dates. Those launch terms are not the terms offered to new buyers at the project's current completion stage; current terms, and any instalments still due on a specific villa, are confirmed by DAMAC.

No. The 4% DLD registration fee is paid to the Dubai Land Department to register the purchase and does not pass through the Portofino escrow account. Only the price instalments set by the Sales and Purchase Agreement are paid into escrow.

The protection stays in place. Money already in the account remains in escrow and is still released only against verified progress, regardless of the calendar, and the retention held after completion is unaffected. Escrow protects capital while the build finishes; it does not compensate for a later handover, because those terms sit in the Sales and Purchase Agreement. Defect checks at handover are covered on the Portofino snagging inspection page.

No. Every off-plan payment for a Portofino villa goes into the DLD-registered escrow account 0205*****7416 at Emirates NBD (the complete number is available in the Escrow Details section above), the same account written into the Sales and Purchase Agreement. Instructions to pay a personal account, an agent, or a company account other than the escrow account, particularly when a discount for paying direct is attached, follow the standard pattern of payment fraud however official the paperwork appears. Before funds move, such an instruction is compared with the escrow record in Dubai REST and with the SPA.

If a registered project is cancelled, RERA takes control of the escrow account, and refunds to buyers are paid from the protected funds under Dubai Land Department supervision. Money paid anywhere other than the registered account sits outside that protection. Portofino's register reading of 97.14 percent places it at the far end of construction, but the safety net does not depend on the stage. The regulatory framework behind this is set out in the Dubai Land Department guide.

Yes. A retention portion of the escrow funds is held after completion to cover the repair of defects, so part of the project money stays linked to the finished villas after the completion payment is made. The retention works alongside a buyer's own handover inspection rather than replacing it.

Escrow protects buyer capital by holding it in a supervised account and releasing it only against verified progress. It does not compensate for a later handover, it does not cover money sent to any account other than the registered one, and it does not judge the finish quality of an individual villa. Handover timing and remedies are governed by the Sales and Purchase Agreement.

The RERA inspection report for project 2356 lists Island Oasis Properties, developer number 921, as the developer of record for Portofino, while the project is branded and marketed by DAMAC. Official project records can therefore show the registered developer's name rather than the DAMAC brand.

In its Portofino brochure, DAMAC states that it has been active in the Middle East's luxury property market since 2002 and that, as at 30 September 2021, it had delivered close to 36,400 homes, with a portfolio of more than 29,000 at various stages of planning and progress. For Portofino itself, the DLD register records registration on 31 January 2022, a construction start on 24 April 2022 and a reading of 97.14 percent on 16 July 2026.