The artificial palm-shaped archipelago’s northernmost residence, owned by Anant Ambani, has ten bedrooms and a number of opulent facilities.
The mystery buyer of a $80 million beachfront house in Dubai’s Palm Jumeirah is reportedly Mukesh Ambani’s Reliance Industries Ltd. One of three heirs to his $93.3 billion fortune, according to the Bloomberg Billionaires Index, it is being bought for his youngest son, Anant Ambani.
Ambani’s residence is a beachfront palace that is located in the northern region of the artificial island built like a palm tree. It has 10 bedrooms and opulent features like a private spa and indoor and outdoor swimming pools, according to local media. The Palm Jumeirah is home to a variety of extravagant extravagances, including upscale hotels, swanky clubs, spas, restaurants, and beautiful apartment structures with mesmerising views of the Persian Gulf’s azure waters.
Dubai is emerging as the favoured market for wealthy real estate deals for the affluent. The government has industriously wooed expatriates by offering long-term “golden visas” and relaxing homeownership regulations for foreigners aimed at giving expatriates a more substantial stake in the economy. David Beckham and Victoria Beckham, along with Bollywood superstar Shahrukh Khan, will be Anant Ambani’s new neighbours.
It was said that the Ambanis intend to spend millions of dollars to customise and secure the security of their large acquisition. The Dubai property deal has been secret and is being managed by one of Reliance’s offshore entities. The Ambani mansion will be run by longtime Ambani associate Parimal Nathwani, the group’s director of corporate affairs and a lawmaker.
As residential real estate in the UAE continues to be a priority for investment in the international market, Dubai’s real estate market generates about one-third of the city’s GDP. One of the main causes of the surge in demand, according to experts, is a number of measures, such as new rules that investors can obtain a 10-year visa if they buy property worth at least two million dirhams. The overwhelming majority of buyers are foreign investors, members of important business circles, owners, and stockholders of significant holdings and multinational corporations, such the Ambanis.
It was also reported that the family has been expanding its real estate footprint overseas, with all three siblings purchasing second homes abroad. Last year, Reliance spent $79 million to buy Stoke Park Ltd. in the UK, which harbours a Georgian-era mansion said to be for older son Akash Ambani, who was recently named chairman of telecom operator Reliance Jio Infocomm Ltd. It was also reported that his twin sister, Isha Ambani, is scouting for a home in New York.
Antilia will remain the primary Ambani residence. The 400,000-square-foot Ambani house in Mumbai’s Altamount Road is estimated to be the world’s second-most expensive property, just after the Buckingham Palace, reportedly costing an estimated $1-2 billion.