According to those familiar with the situation, the second-richest man in India is expanding his Dubai real estate portfolio with the acquisition of a new beachfront mansion, breaking his previous record for the most expensive residential real estate transaction in the city in a couple of months.
According to the persons, who asked not to be identified because they are not permitted to speak publicly, Mukesh Ambani purchased the Palm Jumeirah property from the family of Kuwaiti tycoon Mohammed Alshaya last week for approximately $163 million.
Starbucks, H&M, and Victoria’s Secret have local franchises owned by Alshaya’s company. Ambani, whose net worth is $84 billion, is the chairman of Reliance Industries, the largest firm in India by market value.
The billionaire has been buying up houses abroad and is increasingly searching for second residences in the west. According to Bloomberg, Ambani is looking into purchasing a home in New York and Reliance spent $79 million last year purchasing Stoke Park, a renowned country club in the United Kingdom.
The $80 million mansion that Ambani bought earlier this year is only a short stroll from his most recent purchase in Dubai. Until another mansion on the palm-shaped island sold for $82.4 million, that transaction represented the largest residential sale in the history of the city.
This Thursday, the Dubai Land Department reported a $163 million real estate transaction on the Palm Jumeirah without identifying the purchaser. Reliance’s spokesperson declined to comment, and Alshaya’s representatives did not respond to calls for comment.
Prices surge
The fast pace of record deals highlights Dubai’s recent success in luring some of the richest corporate executives in the globe. Due to the government’s quick response to the Covid-19 outbreak and policies intended to give expatriates a larger stake in the economy, the city-property state’s market, which accounts for almost a third of its economy, is emerging from a seven-year depression.
Over 80% of residents in the United Arab Emirates are foreigners. They have supported the economy for many years, working mostly in the private sector and spending their money on real estate or shopping at some of the greatest malls on earth. Particularly Indians have frequently been among the top purchasers of Dubai real estate.
The emirate’s top property prices as of the end of last month had increased more than 70% over the previous year, the largest increase on Knight Frank’s global index.
There have been a few historic agreements worldwide, even though that has surpassed advances elsewhere. Dan Och’s former New York penthouse was purchased by Joe Tsai’s Blue Pool Capital for $188 million, while Asia’s most expensive property per square foot sold in Hong Kong in November for HK$640 million ($82 million).
