Those with knowledge of the issue claim that the second-richest man in India is expanding his real estate holdings in Dubai by purchasing a new beachfront home, shattering his previous mark for the most costly residential real estate transaction in the city.
The individuals, who declined to be named because they aren’t allowed to speak in public, claim that Mukesh Ambani last week paid about $163 million to buy the Palm Jumeirah property from the family of Kuwaiti businessman Mohammed Alshaya.
Local franchisees for Starbucks, H&M, and Victoria’s Secret are run by Alshaya’s business. Ambani is the chairman of Reliance Industries, the largest company in India by market value, and has an estimated net worth of $84 billion.
The billionaire has been acquiring homes abroad and has been looking for second homes in the west more and more. Ambani is reportedly considering buying a mansion in New York, while Reliance just paid $79 million for Stoke Park, a prestigious country club in the United Kingdom.
Ambani’s most recent purchase in Dubai is just a short stroll from the $80 million property he purchased earlier this year. That deal was the biggest residential sale in the city’s history up until another property on the palm-shaped island sold for $82.4 million.
The Dubai Land Department disclosed a $163 million property transaction on the Palm Jumeirah this Thursday without disclosing the buyer.
The quick pace of record deals shows how successful Dubai has been recently in drawing some of the wealthiest business executives worldwide. The city-property state’s market, which makes up roughly a third of its GDP, is emerging from a seven-year depression as a result of the government’s prompt response to the Covid-19 outbreak and policies aimed to give expatriates a larger part in the economy.
The United Arab Emirates is home to more than 80% foreign nationals. They have long contributed to the economy by working primarily in the private sector and investing their earnings in real estate or going shopping at some of the world’s top malls. Indians in particular have consistently been among the top buyers of real estate in Dubai.
The top real estate prices in the emirate had climbed more than 70% over the prior year as of last month’s conclusion, which was the biggest gain on Knight Frank’s global index.
Even though these agreements have outpaced other advancements, there have been a few significant ones worldwide. Joe Tsai’s Blue Pool Capital paid $188 million for the former penthouse of Dan Och in New York, while the most expensive property in Asia by square foot sold in Hong Kong in November for HK$640 million ($82 million).