Venice at DAMAC Lagoons Escrow Account

Emirates NBD Bank (P.J.S.C) holds the escrow account for Venice at DAMAC Lagoons, account number 0205*****7419 (the full number is shown in the Escrow Details section above). The account is recorded against DLD project number 2396, which the Dubai Land Department registered on 23 May 2022.

In the Dubai REST app, the Project Status service lists the project under number 2396 and the register name "Damac Lagoons - Venice (1)". Its Escrow panel shows the trust account bank, Emirates NBD, and the account number. The register lists the developer as Island Oasis Properties, developer number 921, which is the entity name a buyer sees in the record even though the cluster is marketed under the DAMAC name.

Under DAMAC's published launch payment plan for Venice, the 20% deposit, four time-linked instalments of 5% each (within 3, 6, 9 and 12 months of the sale date) and four construction-linked instalments of 10% each (on 40, 50, 60 and 70 percent completion) are all paid into the escrow account. The bank releases funds to the developer only against construction progress verified through DLD inspections, and the final 20% falls due on completion, ahead of a handover expected in Q3 2027. The schedule that applies to an individual buyer is the one in that buyer's Sales and Purchase Agreement, and resale or remaining-stock terms can differ from the launch plan.

No. The 4% DLD fee is paid in addition to the 20% booking deposit and goes to the Dubai Land Department as the registration fee for the purchase; it is not held in the project escrow account. The escrow account receives the purchase price instalments only.

The DLD register reading for the inspection of 17 July 2026 is 74.43 percent, up from a previous reading of 68.05 percent. The RERA report for that date records the superstructure as substantially completed, while internal, external envelope, MEP and infrastructure works were at advanced stages. Escrow releases to the developer follow verified progress of this kind, and the work still recorded as in progress, finishes and external works among it, is what the remaining releases correspond to. Reading by reading progress is tracked on the Venice at DAMAC Lagoons construction updates page.

Yes. The DLD register records a registered completion date of 29 September 2025 for Venice at DAMAC Lagoons; that date has passed while the project status remains Active, and the developer's current estimate for handover is Q3 2027. Escrow protection does not end on a calendar date: buyer funds stay in the registered account and continue to be released only against verified progress. Extensions to a registered completion date are registered with RERA, and the current entry for project 2396 can be checked on Dubai REST. Escrow protects capital rather than compensating for time, and delay terms sit in the Sales and Purchase Agreement. The retention held after completion and the handover inspection are covered on the Venice at DAMAC Lagoons snagging inspection page.

No. All off-plan payments for a Venice villa belong in the DLD-registered escrow account 0205*****7419 at Emirates NBD (the full number appears in the Escrow Details section above), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent's account or a different company account, particularly one sweetened with a discount for paying outside escrow, matches the usual pattern of payment-diversion fraud however genuine the documents appear. The safeguard against such a request is a comparison with the escrow account shown on Dubai REST and the account in the Sales and Purchase Agreement before any money is sent.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and refunds to buyers are handled from the protected funds under DLD supervision. That safeguard covers money paid into the registered account; funds sent to any other account fall outside it. With the register reading at 74.43 percent after the 17 July 2026 inspection, Venice is well beyond the early stage at which cancellation is a live consideration, though the mechanism applies at every stage. The broader regulatory framework is set out in the Dubai Land Department guide.

Under the launch plan, 20% of the price is due on completion, with handover of the Venice villas expected in Q3 2027. The payment goes into the registered escrow account, as the earlier instalments do, and the amount and timing that apply to an individual buyer are set by the completion notice and the Sales and Purchase Agreement. Holding a fifth of the price until completion keeps a meaningful share of the purchase outstanding until the villa is complete and offered for handover.

Yes. A retention portion of the escrow funds stays held after completion to cover the repair of defects found once owners take possession. No retention percentage or period is published in the Venice project documents. The retention is the reason a defects list raised at handover carries financial weight with the developer.

The escrow account protects buyer capital paid toward construction; it does not compensate for changes to the handover timetable, which are governed by the Sales and Purchase Agreement. It does not protect money paid to any account other than the registered one, and it does not hold the 4% DLD fee, agency fees, or the service charges and utility costs that arise after handover. It also does not guarantee resale value or rental income, which depend on market conditions.