Falconcity of Wonders registers under new escrow law

The new property law, established by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is designed to protect the rights of all stakeholders in the real estate market by requiring developers to set up an escrow account at selected banks approved by the Government of Dubai, Land Department.

'As a supporter of the new property law, Falconcity of Wonders is complying and wants to inform our customers of their rights and responsibilities with regards to this law. It is important for all parties to understand that the escrow accounts will be used and implemented to protect all parties involved in the sales and purchase agreements for houses and buildings, but it does not include the land sold to developers,' said Salem Almoosa, Chairman and CEO, Falconcity of Wonders, LLC. 'The payment for land will be separate from the construction payment, which must be deposited into escrow accounts as per this new law and the subsequent sales agreement. The developer then agrees to transfer the land title through the Government of Dubai, Land Department to the purchaser only after full payment is received.'

'This law is a cornerstone in the Emirate's economic plan and will ensure more transparency and confidence in the Dubai property market. As a developer and investor, I am grateful to the Government of Dubai Land Department and the newly formed Foundation of Real Estate Management for their effort in further developing the real estate market, by making this law a reality.'

Falconcity of Wonders is a unique, multi-faceted residential, tourist and recreational destination featuring architecture that replicates the wonders of the ancient and modern world, such as the Pyramids, the Hanging Gardens of Babylon, the Eiffel Tower, the Taj Mahal, the Great Wall of China, the Leaning Tower of Pisa, and the Lighthouse of Alexandria. The project also includes famous international destinations such as Rome, Venice, Beirut, India, and New York.

Falconcity of Wonders is situated on 4 million square meters of land that has been designed to resemble the UAE national emblem - the falcon. With outstretched wings the falcon symbolizes the spirit of leadership, pride and excellent qualities that the Falconcity of Wonders will embody.

The development is divided into five phases, which will combine various commercial, residential, educational and leisure amenities with entertainment facilities, and will include apartments, villas, shopping malls, hotels, restaurants, health clubs and spas, schools, mosques, convenient stores, and parks, in addition to a Theme Park.