Doha: Qatar Central Bank (QCB), in coordination with the Real Estate Regulatory Authority - Aqarat, has issued instructions to create and operate a real estate development escrow account for the purposes of real estate development
In a statement issued Sunday, QCB said that the instructions are part of its efforts to regulate banks’ dealings with escrow accounts for the purposes of real estate development and to establish controls on regulating and supervising dealings with this type of account, and based on QCB’s commitment for the banks to contribute in activating the real estate sector.
This circular aims to regulate the process of operating escrow accounts for real estate development purposes and obtaining the necessary approvals to deal with this account, to regulate off-plan sales, to deposit and withdraw from the account.
