An opulent residence in Dubai has surpassed all previous structures to become the most expensive residence ever sold in the Gulf emirate, Bloomberg reported. According to Alpago Properties, the mansion's developer, Casa Del Sole on Dubai's Palm Jumeirah island sold for $82.4 million in July. Due to privacy concerns, the company refused to identify the buyer. Although the mansion is currently being constructed, it will include 15 garage spaces and 18 bathrooms.
According to Bloomberg, the property, known as Casa Del Sole, is located on Frond G of the Palm Jumeirah, a man-made island in Dubai that is structured like a palm tree. Luxury resorts like St. Regis and Waldorf Astoria, as well as multimillion-dollar residences, can be found on Dubai's Palm Jumeirah.
In the world, the city and emirate of Dubai are well-known for it's upscale shopping, cutting-edge buildings, and vibrant nightlife. Dubai is emerging as a favorite market for the ultra-rich, whom the government has actively courted by offering long-term "golden visas" and relaxing curbs on homeownership for foreigners.
Mukesh Ambani, the chairman of Reliance Industries, recently paid a staggering $80 million for a beachfront home on Dubai's Palm Jumeirah.
The property on Palm Jumeirah was purchased earlier this year for Ambani's youngest son, Anant, one of the people said, asking not to be named as the transaction is private. The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.
In addition to luxury homes, Palm Jumeirah's string of islands comprises posh hotels, glitzy clubs, spas, restaurants, and splashy apartment towers with breathtaking views of the Persian Gulf's blue waters. Its construction began in 2001, with the first residents moving in around 2007.
Dubai's property market, which contributes around a third of its economy, is recovering from a seven-year slump thanks to the city's nimble handling of the COVID-19 pandemic and initiatives aimed at giving expatriates a bigger stake in the economy. Under new rules, investors can obtain a 10-year visa if they buy property worth at least 2 million dirhams.
Foreign residents make up more than 80% of the population of the United Arab Emirates and have been a mainstay of the economy for decades, doing mostly private-sector jobs and spending their money on property or shopping in some of the world's largest malls. Indians, in particular, have consistently ranked among the top buyers of Dubai real estate.
(With inputs from Bloomberg)