Indian billionaire buys $163m mansion on Dubai’s Palm Jumeirah

India’s Reliance Industries chairman Mukesh Ambani has purchased a luxurious mansion for $163 million (AED 598.72 million) on Palm Jumeirah, Bloomberg reported, citing people familiar with the matter.

Ambani bought the mansion last week from the family of Kuwaiti tycoon Mohammed Alshaya.

The latest villa purchase is close to a $80 million mansion which he also recently bought.

The Dubai Land Department reported a property deal worth $163 million on Palm Jumeirah earlier this week, but did not disclose the buyer’s identity.

The emirate’s prime property prices have surged more than 70 percent over the past year, recording the biggest gain on Knight Frank’s global index.

“Prime residential values in Dubai have grown by an extraordinary 90 percent in the last 12 months. This growth, however, translates into average prices of close to $870 per square foot, making Dubai one of the world’s most affordable prime residential markets,” said Faisal Durrani, partner and head of Middle East Research at Knight Frank.

According to UBS Global Real Estate Bubble Index 2022, property prices in Dubai are still fair despite more than two years of increases seen during its “Covid comeback”.

“Dubai’s housing market has been a rollercoaster ride over the past two decades as demand is highly correlated to the development of oil prices. Surging oil prices and a pick-up in immigration revived the market last year,” said the UBS Global Wealth Management’s Chief Investment Office.