Mere weeks after a mansion on Dubai's Palm Jumeirah set a new record for the most expensive property to be sold in the Persian Gulf emirate, Mukesh Ambani surpassed the landmark deal with a $163 million luxury purchase, reported Bloomberg on Tuesday.
Mukesh Ambani purchased a mansion in the Palm Jumeirah last week, from the family of Kuwaiti businessman Mohammed Alshaya, Bloomberg reported, citing sources familiar with the matter, on the condition of anonymity as they were not authorised to speak publicly.
Earlier this month, Bloomberg reported a new record purchase in Dubai, a mansion called Casa Del Sole, on the Palm Jumeirah, that sold for $82.4 million, which broke Ambani's previous property record of $80 million, a luxury mansion bought earlier this year for his youngest son, Anant.
Ambani’s latest acquisition in Dubai is a short stroll from the $80 million beach-side villa he previously purchased, adding yet another luxury gem to his burgeoning real-estate portfolio, added the report.
Earlier this week, the Dubai Land Department reported a property deal worth $163 million on the Palm Jumeirah, without disclosing the buyer’s identity. A spokesperson for Reliance declined to comment, while representatives for Alshaya too did not respond to requests for comment, according to Bloomberg.
The seller of the luxury mansion, Alshaya, owns a conglomerate that holds local franchises for retail brands including Starbucks, H&M and Victoria’s Secret.
Ambani is chairman of Reliance Industries Ltd., India’s largest company by market value, and has a personal net worth of $84 billion, coming in at number 10 on the Bloomberg Billionaires Index.
Other properties in Ambani's portfolio include an iconic UK country club Stoke Park that was purchased for $79 million last year. His daughter Isha Ambani, has reportedly been searching for luxury properties in New York, Bloomberg reported earlier this year.
Dubai has witnessed a heated luxury real-estate market this past year, recovering from a seven-year slump, most likely propelled by the government's deft handling of the pandemic and a revised legal and regulatory framework aimed at giving expatriates a bigger stake in the local economy.
Foreign residents make up more than 80% of the population of the United Arab Emirates.
According to reports, at the end of last month, the emirate’s prime property prices had surged more than 70% over the past year, the biggest gain on Knight Frank’s global index, Bloomberg report added.
Globally, this trend has also continued.
In the US, Joe Tsai’s Blue Pool Capital acquired a New York penthouse previously owned by Dan Och for $188 million, while Asia’s most-expensive apartment per square foot sold in Hong Kong for HK$640 million ($82 million) in November, last year.
Meanwhile, London’s most expensive home -- a Knightsbridge mansion overlooking Hyde Park that changed hands in April 2020 for £210 million ($232 million) -- has been re-listed.