Mukesh Ambani Breaks His Record Of Buying Dubai’s Most Expensive Villa By Purchasing It For $163 Million
Reliance Industries Limited chairman Mukesh Ambani purchased Dubai’s most expensive beach-side villa for $163 million, making him the second richest man in India. Sources say Ambani bought the expensive mansion in Palm Jumeirah from a business tycoon family.
Earlier this year, media reports revealed that Mukesh Ambani was the mysterious buyer of Dubai’s largest residential property deal ever, an $80 million, 10-bedroom beachside mansion for his youngest son, Anant Ambani.
In addition to 10 bedrooms and a private spa, the Mukesh Ambani house in Palm Jumeirah has indoor and outdoor swimming pools, local media reported. Among Ambani’s new neighbors are footballer David Beckham and actor Shahrukh Khan.
According to sources, Anant is one of three heirs to Ambani’s $93.3 billion fortune. After diversifying into green energy, tech, and e-commerce, the world’s 11th richest person is slowly giving up control of his children.
The Mukesh Ambani family owns the 27-story Antilla in south Mumbai, which serves as their base. However, they have acquired prime properties around the globe, including in the US and the UK. In addition to the hospitality sector, the family recently bought a majority stake in Mandarin Oriental in New York, which is the part of Oberoi chain.
Earlier this week, Dubai Land Department reported a $163 deal on Palm Jumeirah, without disclosing the buyer’s identity. A spokesperson for Reliance declined to comment, while Alshaya representatives did not respond to requests for commentary.
According to sources, Ambani is also seeking a property in the city of New York to buy as a second home. Reliance purchased Stoke Park, an iconic country club in the United Kingdom, last year for $79 million.
It is a short stroll from Ambani’s earlier purchase of an $80 million home in Dubai. The $80 million house was the biggest residential sale ever until the $181 million home was sold on the palm-shaped island.
The string of islands on Palm Jumeirah includes luxury hotels, glitzy clubs, spas, restaurants, and impressive apartment towers that command spectacular views of the Persian Gulf.
Prices Surge
Aside from offering long-term “golden visas” and letting foreigners own homes, Dubai is also becoming a favorite market for the ultra-rich.
In the last few years, Dubai has attracted some of the world’s wealthiest business executives. Thanks to a nimble government response to the Covid-19 pandemic and initiatives to give expatriates a bigger stake in the economy, the city-state’s property market, which contributes around a third of its GDP, is recovering from a seven-year slump.
U.A.E.’s population is composed of more than 80% foreign residents. The majority of them work in the private sector and spend their money on property or shopping at some of the world’s largest malls. Real estate in Dubai has historically been popular with Indians, in particular.
Since the end of last month, UAE prime property prices have soared more than 70%, putting the emirate on the top of the Global House Price Index.
Get in touch with a Houzon real estate expert to learn more.