The Qatar Central Bank sets regulations for the establishment and operation of real estate development escrow accounts

The Qatar Central Bank, in coordination with the General Authority for Regulating the Real Estate Sector, has issued instructions governing the creation and operation of escrow accounts for real estate development purposes

In a statement today, the Qatar Central Bank explained that these instructions aim to regulate banks’ dealings with escrow accounts for real estate development, establish controls for handling such accounts, and oversee their management. This initiative aligns with the bank’s commitment to enhancing the banking sector’s role in stimulating the real estate market

The instructions are designed to regulate the process of opening escrow accounts for real estate development, obtaining the necessary approvals for account transactions, and overseeing off-plan sales, deposits, and withdrawals

The Qatar Central Bank noted that the full instructions are available on its official website