India’s second-richest businessman and the founder of Reliance Industries, Mukesh Ambani, has decided to take his property ownership in Dubai to the next extreme as he has bought the most expensive Villa in Dubai, Palm Jumeirah, which costs about $163 mn. Previously his record for the city’s most expensive residential real estate deal was $80 mn and he has broken that record within a matter of months, according to people familiar with the matter.
Mukesh Ambani bought the Palm Jumeirah mansion last week for about $163 mn from the family of Kuwaiti tycoon Mohammed Alshaya. Alshaya’s conglomerate owns the local franchises for retail brands including Starbucks, H&M, and Victoria’s Secret.
Mukesh Ambani has been increasing his number of properties overseas for some time and has increased his interest in buying second homes in western countries and seems to always have fewer homes for himself. Reliance spent $79 mn last year to buy UK country club Stoke Park and Ambani is also scouting for a property in New York. Ambani’s latest purchase in Dubai is an $80 million home he bought earlier this year which was previously the biggest property deal made, but now a few months ahead, the record has been broken. That deal was the city’s biggest-ever residential sale until another mansion on the palm-shaped island sold for $82.4 million.
The Dubai Land Department reported a property deal worth $163 million in Palm Jumeirah earlier this week, without disclosing the buyer’s identity. A spokesperson for Reliance declined to comment, while representatives for Alshaya didn’t respond to requests for comment. The flurry of record deals underscores Dubai’s recent success at luring some of the world’s wealthiest business executives. The city-state’s property market, which contributes around a third of its economy, is recovering from a seven-year slump thanks to the government’s nimble handling of the Covid-19 pandemic and initiatives aimed at giving expatriates a bigger stake in the economy.
The $80 million mansion purchased by Ambani was actually for his son and was a beach-side villa on Palm Jumeirah, two people familiar with the matter said in August. Among other recent big-name investors in Dubai property is Indian-born billionaire Lakshmi Mittal, the executive chairman of steel giant ArcelorMittal SA, who bought a trio of residential plots in the city, according to people familiar with the matter. Representatives for Mr. Mittal declined to comment on the purchase.
