Do I have to open an Escrow Account?

Yes.

Law No. (27) of year 2017 with Respect to Promulgating the Real Estate Sector Regulation (“the Law”) requires the Developer of an Off-Plan Sale Project to open an Escrow Account.

RERA Resolution “Escrow Account of Off-Plan Sale” is the implementing resolution setting out the rules for operating Escrow Accounts under the Law.

The information about escrow accounts, including opening an account, calculating the escrow amount and how to value the land component of a project, is set out in the website.