The recently formulated Escrow Law 8 is the latest buzz in the real estate market of Dubai. According to the law, all funds received by the real estate developers in Dubai will be regulated through escrow accounts supervised by the Dubai Land Department. All property developers in Dubai who sell units off-plan with payments from buyers before the concerned property gets completed comply with the Escrow Law.

Dubai Land Department has released a list of approved banks that will act as account trustees for escrow accounts under the new law. At present, HSBC tops the list followed by Tamweel, Dubai Islamic Bank, Emirates Bank, National Bank of Dubai, Amlak Finance PJSC, Commercial Bank of Dubai and Abu Dhabi Commercial Bank.

Dubai real estate is a booming market for investors from a whole cross-section of investors from all over the globe. The Dubai Land Department also came up with Real Estate Regulatory Authority to manage real estate activities in the emirate.