Mukesh Ambani's newest mansion in Dubai is worth $163 million
What's the story
If Mumbai's Antilia wasn't enough to keep us scratching our heads awestruck at the Ambanis' wealth, Mukesh Ambani has made yet another purchase - a massive property in Dubai's Palm Jumeirah island. As per reports, the said mansion by the beach is worth a whopping Rs. 1,350 crores. According to Bloomberg, Ambani bought the mansion recently from the family of Kuwaiti tycoon Mohammed Alshaya.
10-bedroom mansion
Ambani owns another home in the area
This news comes only months after Reliance Industries chairman purchased an $80 million home for his younger son Anant in the same area. The 10-bedroom mansion has a private spa and indoor and outdoor swimming pools among other luxurious amenities. It was the most expensive deal in the area until another house, the Casa Del Sole, was bought for $82 million.
Property value
Property prices in the UAE have increased by 70%
The Dubai Land Department confirmed that a new mansion was sold for $163 million without revealing the buyer's identity. This new property is pretty close to Ambani's previous purchase. The sale of opulent homes has increased this year, according to Prathyusha Gurrapu, head of research and advisory at Core. Property prices in the UAE have increased by more than 70% in the last year.
Property market
Dubai's property market contributes to a third of its economy
The property market of Dubai contributes to around a third of its economy. The government's initiative at giving expatriates a bigger stake in the economy is helping the city's property market see an upsurge from a seven-year slump. Multiple record deals in recent times have lured in the world's wealthiest business executives to invest in property in Dubai.
Property purchase
Is Ambani scouting for properties globally?
Ambani, is India's second-richest man, with a net worth of $84 billion. He is also scouting for a property in New York, according to Bloomberg reports. Last year Reliance bought an iconic UK country club, Stoke Park, with $79 million. Now, London's most expensive home which was sold in 2020 for $232 million is up for sale again. Is Ambani eye it as well?