India’s second richest man, Mukesh Ambani, has planned to build his real estate empire in Dubai with another beachside villa purchase, beating his previous record for buying the most expensive residential property of the city in a few months.
The information was leaked by people familiar with the matter.
Last week, Mukesh Ambani, the owner of Reliance Industries Limited bought the Palm Jumeirah mansion for around 163 million USD. The mansion was purchased from the family of Kuwaiti tycoon Mohammed Alshaya.
The information was collected from the workers who decided to keep their identity anonymous. Sources are not authorized to speak publicly.
Alshaya’s conglomerate owns the local franchises for retail brands such as Starbucks, H&M and Victoria’s Secret. Mukesh Ambani is the Chairman of Reliance Industries Limited which is one of India’s largest companies and has amassed a net worth of $84 billion.
The billionaire has bought an iconic British country club Stoke Park and overseas properties and is increasingly looking for properties for second homes.
In addition, Reliance has spent a sum of 79 million USD in 2022. Ambani is currently focused on buying property in New York. The information was reported by Bloomberg.
Ambani’s latest purchase in Dubai is a stone’s throw from the property he bought earlier this year for $80 billion.
The deal was the city’s largest residential sale until another mansion on the palm-shaped island sold for $82.4 million.
Dubai’s land department revealed a $162 million real estate deal in the Palm Jumeirah this week and has yet to release the identity of the buyer.
A Reliance spokesperson declined to comment. While representatives for Alshaya did not respond to requests for comment.
The sudden bursts of record emissions underscore Dubai’s recent success in attracting some of the world’s wealthiest business executives.
The City State’s real estate market accounts for about a third of its economy and is recovering from a 7-year decline due to the government’s nimble management of the economy and initiatives to give expatriates greater grip on the economy.
Foreign residents represent more than 80% of the population of the United Arab Emirates. They have been the main site of the economy for decades and are mostly centered around people working in the private sector and spending their money on real estate or shopping in the biggest malls in the world.
Indians have always held the top spots in Dubai real estate.
Records from the end of the previous month showed the emirate’s high-end property prices were up more than 70% from a year earlier. The rise in prices was the largest gain for the Knight Frank World Index.
There have been overtaken gains elsewhere and historic agreements around the world too. In the US, Joe Tsai’s Blue Pool Capital bought a New York penthouse previously owned by Dan Och for US$188 million. Meanwhile, Asia’s most expensive apartment per square foot sold in Hong Kong sold for USD 82 million in November last year.
On the other hand, London’s most expensive home – a Knightsbridge mansion overlooking Hyde Park that sold in April 2020 for $232 million is up for sale again.
Inside the villa recently purchased by Ambani:
Ambani Mansion on the Palm Jumeirah Island has ten rooms with a private spa and indoor and outdoor pools. Additionally, the two-story mansion features a professional indoor lounge, a fully-equipped bar, and seven spa facilities.
The dining area is adjacent to the kitchen, which is modern and open concept.
edited and proofread by nikita sharma