Seychelles at DAMAC Islands Escrow Account

For Seychelles 1, the Seychelles phase whose DLD record is shown on this page, the escrow account is held at Emirates NBD Bank (P.J.S.C), account number 0205*****2948 (shown in full in the Escrow Details section above). The Seychelles 1 account is tied to DLD project number 3698, registered as "Damac Islands - Seychelles 1" in May 2025, and the Seychelles 1 inspection report of May 2026 lists Emirates NBD as trust bank.

No. The Dubai Land Department registers Seychelles 1 and Seychelles 2 as separate projects, and each phase has an escrow account of its own; the account on this page belongs to Seychelles 1. Dubai REST's Project Status service lists every registered project with an Escrow Account panel, and Seychelles 1 appears there as "Damac Islands - Seychelles 1" under project number 3698. A Seychelles 2 buyer uses the account stated in their own SPA or Oqood, verifies it against the Seychelles 2 record on Dubai REST, and never pays Seychelles 2 instalments into the Seychelles 1 account.

The trigger is recorded work, not the payment calendar: the bank pays DAMAC from a phase's escrow account only against construction progress the DLD has logged for that phase. The most recent figure supplied for Seychelles 1 is a DLD register reading of 2.49% at the Seychelles 1 inspection of 1 May 2026, against 0.44% on 4 November 2025, with the Seychelles 1 Progress Status at Enabling Works - Progressing. The Seychelles 1 inspection history is kept on the Seychelles at DAMAC Islands construction updates page.

DAMAC's DAMAC Islands launch sheet of November 2024 splits the price into a 20% deposit, 55% over 39 instalments and a final 25% on completion. All three parts are paid to the escrow account of the phase named in the SPA, never to DAMAC directly. The SPA dates each instalment by the number of months since the sale, which governs the buyer's outgoings, whereas DAMAC's access to that money depends on works logged by the DLD. For any given Seychelles home, the binding schedule is the one in its SPA, as confirmed by DAMAC for that phase.

No. At booking the buyer pays the 4% DLD registration fee straight to the Dubai Land Department, in addition to the 20% deposit, and that fee never enters the escrow account. Calculated on the listed starting prices, it is AED 90,000 (approx USD 25K) for a 4 bedroom townhouse priced at AED 2,250,000, AED 124,000 (approx USD 34K) for a 5 bedroom townhouse priced at AED 3,100,000 and AED 260,000 (approx USD 71K) for a 6 bedroom villa priced at AED 6,500,000.

No. The only valid destination for an off-plan payment is the escrow account the DLD holds on record for the buyer's phase, which the Sales and Purchase Agreement also states; for Seychelles 1 buyers that is account 0205*****2948 at Emirates NBD (the full number appears in the Escrow Details section above). Instructions pointing to a personal account, a broker's account or a different company account, often paired with the offer of a discount, are a recognised fraud pattern whatever letterhead they arrive on. A legitimate payment instruction always matches both the phase's escrow record on Dubai REST and the SPA.

The money stays protected: escrow has no expiry date, so funds already paid remain in the account and continue to be released only as further works are recorded. The DLD record for Seychelles 1 lists a registered completion date of 30 June 2029, in line with the expected Q2 2029 handover; each phase's contractual completion date is the one in its SPA. Escrow safeguards the capital while construction continues but pays no compensation for delay; any such terms are set out in the Sales and Purchase Agreement.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and buyer refunds are processed from the protected funds under DLD supervision. Seychelles 1 and Seychelles 2 are each registered projects, so that protection follows the phase named in the buyer's SPA, and money paid anywhere other than that phase's registered escrow account falls outside it. The framework is explained in the Dubai Land Department guide.

The DLD record and the Seychelles 1 inspection report of May 2026 both name DAMAC Elite Investment Co. L.L.C, developer number 2035, as the registered developer of Seychelles 1 (project 3698), which is marketed under the DAMAC Properties brand. The selling entity for any particular home is named in the Sales and Purchase Agreement for that home.

Generally, yes. A retention amount is usually kept back in the escrow account for a period after completion to pay for the repair of defects, so part of the purchase money does not reach the developer at handover. The size of that retention and how long it is held are set by the escrow framework and the Sales and Purchase Agreement; the Seychelles source documents state no percentage or period for it.

On the DLD register, Seychelles 1 was entered as project 3698 on 5 May 2025, with a construction start on 1 October 2025, a reading of 0.44% on 4 November 2025 and one of 2.49% on 1 May 2026, and Emirates NBD as the Seychelles 1 trust bank. As company-wide context, DAMAC's DAMAC Islands brochure reports 47,600+ units delivered and 40,000+ units in progress as of Q3 2024, figures that describe DAMAC overall rather than the Seychelles cluster.

The escrow account protects the capital a buyer pays into the registered account of their phase. It does not guarantee a handover date, pay compensation for delay, shield the buyer from changes in market or resale value, or cover money sent to any other account. The 4% DLD registration fee also sits outside it, because it is owed to the Dubai Land Department rather than deposited in escrow.