Great law but a little too late from what I see.I would imagine that the majority of developments which are to be built in dubai have already been launched?
On the other hand perhaps it will have an effect on existing projects in terms of their price going up as I assume there could be a lot less developers wishing to proceed in dubai halting this relentless flow of new properties?
Also,surely far more foreign investors will be attracted to dubai thus again pushing prices up?

wannabe Good write up of the Law number 8 here may explain things a little more clearly for you.

If I have already purchased property then does this mean at some point before completion then my funds will be transferred into an Escrow account?

long over due, consumers generally need a lot more protection in Dubai. Eventually they will get there, but it will take some time.

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Hello everybody.

I received the escrow information from Dubai Select, with an attachment document related to the law no. 8


Thanks to your links, I have a full picture of the law no. 8

But anyone can help me to find out what exactly the lines on the document sent from Dubai Select say? (As the document is written entirely in Arabic).

Regards

Goshy

Hello

Is anybody able to answer me please?

I purchased a unit in Nov-2007 (after the Escrow Account Law was passed) and have already made 2 payments to date. I did not receive any letter/intimation from neither the Escrow Bank nor their solicitors confirming that my money is lying in their safe custody. The only place in the full property Agreement where there is mention about the Escrow Account is under the "Sellers Covenants and Warranties" clause where it says in one plain sentence: "The Seller undertakes to deposit the monies received from the Buyer in the Guarantee Bank Account". What are we supposed to infer from this statement and what is happening in reality - no one knows! Who can throw some light on this in relation to the Dubai Property Market?

Hello Mr. Wayneis,

I have not heard from you regarding the query I posted on 7th April. I had purchased a residential unit in Canada 3 years back & every time I issued the cheque to the developers towards the payment instalments, I used to get a letter from their solicitors confirming that they had received my cheque no.??? dated??? towards unit no.??? in such & such project alongwith the details of the building???? and it is being held in escrow a/c no.???? So I presume that escrow law in Dubai should also work along the same lines vis a vis the Canadian Propery Law. Do you have any knowledge of how the escrow account in Dubai works?