The Real Estate Regulatory Agency (RERA), under the umbrella of Dubai Land Department (DLD), has inked a memorandum of understanding with ‘Zand Digital Bank’, designating it as an accredited bank authorized by DLD to oversee real estate development escrow accounts and provide related services.
Real estate escrow accounts are specialized bank accounts dedicated to real estate projects, serving as repositories for funds collected from off-plan investors or project financiers. The principal aim of these escrow accounts is to facilitate the construction process for off-plan units, thereby ensuring the protection of investors’ interests and enhancing confidence in the real estate sector.
