India’s second richest man, Mukesh Ambani has planned to build his Dubai property empire with another beach-side villa purchase, beating his previous record for buying the most expensive residential real estate in the city deal within several months.
The information was disclosed by the people familiar with the matter.
Last week, Mukesh Ambani, the owner of Reliance Industries Limited has bought the Palm Jumeirah mansion for about 163 million USD. The mansion has been purchased from the family of Kuwaiti tycoon Mohammed Alshaya.
The information has been collected from the workers who have decided to keep their identities anonymous. The sources are not authorized to speak publicly.
Alshaya’s conglomerate owns the local franchises for retail brands which include 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 accumulated a net worth of 84 billion USD.
The billionaire has purchased an iconic UK country club Stoke Park and properties overseas and is increasingly searching for real estate for second homes.
In addition, Reliance spent a sum of 79 million USD in 2022. Ambani is focused on purchasing a property in New York at present. The information has been reported by Bloomberg.
Ambani’s latest purchase in Dubai is a walk away from the property he bought at the beginning of this year for 80 billion USD.
The deal was the city’s largest residential sale until another mansion on the palm-shaped island was sold for 82.4 million USD.
The Dubai Land Department has revealed a property deal worth 162 million USD in Palm Jumeirah this week and hasn’t disclosed the buyer’s identity yet.
A spokesperson for Reliance has refused to comment on this topic. While the representatives for Alshaya did not respond to the requests for comment.
The sudden outbursts of record shows underscore Dubai’s recent success in attracting some of the world’s wealthiest business executives.
The city’s state property market comprises around a third of its economy and is recovering from a 7-year decline which is because of the government’s agile handling of the economy and the initiatives aimed at providing the expatriates a bigger hold in the economy.
Foreign residents comprise more than 80 percent of the population of the United Arab Emirates. They have been the major location of the economy for decades, and are mainly centered on the people working in the private sector and spending their money on property or shopping in the world’s biggest malls.
Indians have consistently occupied the top positions in Dubai’s real estate.
Records during the end of the previous month showed that the emirate’s prime property prices have increased by more than 70 percent as compared to the previous year. The price hike has been the biggest gain on Knight Frank’s global index.
There have been outpaced gains elsewhere and landmark deals around the world too. In the US, Joe Tsai’s Blue Pool Capital purchased a New York penthouse which was formerly owned by Dan Och for 188 million USD. At the same time, Asia’s most expensive apartment per square foot sold in Hongkong was sold for 82 million USD in November the last year.
On the other hand, London’s most expensive home- a Knightsbridge mansion overlooking Hyde park that was sold in April 2020 for 232 million USD is up for sale again.
Inside Ambani’s recently purchased villa:
Ambani’s mansion at Palm Jumeirah island has ten bedrooms with a private spa and indoor and outdoor pools. In addition, the two-story mansion comprises a professional indoor salon, a fully equipped bar, and seven spa facilities.
The dining space is adjacent to the kitchen, which is modern and open-concept.
edited and proofread by nikita sharma
