Investing Guide
What Should I Verify Before Wiring Money for a Dubai Property?
Before wiring money for a Dubai property, verify the developer, project, payment obligation and receiving account independently. For off-plan property, confirm the applicable project escrow account and never rely solely on payment instructions received by email or messaging apps. I personally walk clients through these confirmations before funds are transferred. Verify first. Wire second.
Confirm the account is the project’s RERA-registered escrow account and that the account name matches the developer and project exactly. On a compliant off-plan purchase your instalments go to escrow, not to the developer’s general trading account.
Verify the payment details directly with the developer through a channel you initiated, a number from their official website, not one supplied in the email. Fraudulent payment-detail changes sent from a compromised or lookalike email address are a well-documented way international buyers lose money in any property market.
Check that everyone you are dealing with is licensed: the broker should hold a valid RERA registration, and you can confirm the project’s registration independently.
Read the reservation terms before the funds move, particularly whether the deposit is refundable and under what conditions. Once an international wire has left, recovering it is difficult, every check is far cheaper before the transfer than after.
Why this matters
A legitimate property and a legitimate developer do not automatically make every set of payment instructions legitimate. International buyers may be transferring significant funds from thousands of miles away, which makes independent verification essential.
For an off-plan purchase, buyers should confirm the project and applicable escrow arrangements and verify payment instructions through an official channel they independently identify before transferring funds.
The protection only works when the money is sent to the correct place.
What investors should verify
- Developer and project: Confirm that you are dealing with the correct developer and, for off-plan property, verify the project through the appropriate Dubai Land Department/RERA resources.
- Escrow: For an off-plan purchase, verify the applicable project escrow account and make sure the payment instructions correspond to the correct project and transaction.
- Payment instructions: Independently confirm bank and payment details through an official developer channel that you identify yourself. Do not rely solely on an email, WhatsApp message, forwarded document or payment instruction sent to you.
- Your obligation: Confirm that the amount being requested matches your reservation agreement, booking form, SPA or applicable payment schedule.
- Recipient: Confirm exactly who should receive each payment. Do not transfer property funds to an individual merely because someone involved in the transaction instructs you to do so.
- Government and registration fees: Confirm the applicable Dubai Land Department and registration fees and how they are supposed to be paid for your specific transaction.
- Licensing: Verify the broker and other regulated real estate professionals involved through the appropriate official Dubai resources where applicable.
- Documentation: Keep copies of the verified payment instructions, transfer confirmation, receipts and property documentation associated with every payment.
GG’s perspective
This is one area where I do not believe in shortcuts. Before my clients transfer funds, I want the developer, project, payment obligation and receiving account verified. A sophisticated investor can still make an expensive mistake by sending legitimate money to the wrong place. My rule is simple: verify first, wire second.
Primary sources
- 1DLD e-services (title deeds, escrow, project registration) · Dubai Land Department
- 2Dubai real estate laws and regulations · Dubai Land Department
- 3Madmoun: verifying real estate adverts by QR code · Dubai Land Department
Related questions
- What Is an Escrow Account and How Does It Protect Buyers?
- How Do I Perform Due Diligence Before Buying Property in Dubai?
- How Do I Choose the Right Developer in Dubai?
- Can I Buy Property in Dubai Without Visiting?
- Can Americans Buy Property in Dubai?
- What Are the Total Upfront Costs of Buying Off-Plan Property in Dubai?