Qatar Central Bank (QCB), in coordination with the General Authority for Real Estate Sector Regulation, has issued new directives regulating the establishment and operation of escrow accounts for real estate development purposes.
In a statement released
yesterday, QCB clarified that these directives aim to regulate banks' dealings with escrow accounts for real estate development, establish governing controls for such accounts, and ensure oversight. This initiative aligns with QCB’s commitment to supporting banks' contributions to the growth of the real estate sector.
The directives are
designed to regulate the process of opening escrow accounts for real estate development, obtaining the necessary approvals for handling these accounts, and managing off-plan sales, deposits, and withdrawals.
QCB also noted that the
full directives can be accessed on its official website.