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India’s second richest man is building on himself Dubai The property empire with another beach-side villa purchase, breaking its previous record for the city’s most expensive residential The real estate deal within months, according to people familiar with the matter.
Mukesh Ambani Bought Palm Jumeirah Mansion for nearly $163 million from the family of the Kuwaiti tycoon last week Mohamed AlshayaPeople asked not to be named, as they are not authorized to speak publicly.
Alashya’s Group has local franchises for retail brands including Starbucks, H&M and Victoria’s Secret. Ambani is the chairman Reliance Industries LimitedIt is the largest company in India by market value and has a net worth of $84 billion.
The billionaire is snatching away properties overseas, increasingly looking west for second homes. Reliance Bloomberg reported that the iconic UK country club spent $79 million last year to buy Stoke Park and Ambani is also looking for a property in New York.
Ambani’s latest purchase in Dubai is just a short walk from the $80 million home he bought earlier this year. The deal was the city’s largest residential sale ever, until another mansion on the palm-shaped island sold for $82.4 million.
The Dubai Land Department reported a $163 million property deal on the Palm Jumeirah earlier this week, without disclosing the identity of the buyer. A Reliance spokesperson declined to comment, while representatives for Alashya did not respond to requests for comment.
price jump
The flurry of record deals underscores Dubai’s recent success in wooing some of the world’s wealthiest business executives. The city-state’s property market, which contributes about a third of its economy, is recovering from a seven-year slowdown by the government’s handling of the Covid-19 pandemic and initiatives aimed at giving migrants a bigger share in the economy Has been.
Foreign residents make up more than 80% of the UAE’s population. They have been a mainstay of the economy for decades, working primarily in the private sector and spending their money on property or shopping at some of the largest malls in the world. Indians, in particular, have been consistently ranked among the top buyers of Dubai real estate.
As of the end of last month, the emirate’s key property prices are up more than 70% over the previous year, marking the biggest gainer on Knight Frank’s global index.
While its benefits lie elsewhere, there have been some historic deals on a global scale. In the US, Joe Tsai’s Blue Pool Capital acquired a New York penthouse previously owned by Dan Ochs for $188 million, while Asia’s most expensive apartment per square foot was in Hong Kong in November for HK$640 million ($82 million). ) was sold.
Meanwhile, London’s most expensive home – a Knightsbridge mansion in front of Hyde Park, which turned up for £210 million ($232 million) in April 2020 – is up for sale again.
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