Indian billionaire Mukesh Ambani bought an $80 million mansion in Dubai for his youngest son in March, setting a new record for the city’s real-estate market.

Weeks later, a mystery buyer shelled out 302.5 million dirhams ($82.4 million) for an eight-bedroom, 18 bathroom villa on the city’s artificial tree-shaped island of Palm Jumeirah.

That record would be shattered within months. Ambani last week splashed out $163 million for another mansion on the palm-shaped island, people familiar with matter said, illustrating the relentless rise in demand for Dubai property.

The emirate’s prime real-estate prices surged 70.3% over the 12 months through September, focuses on a city’s most desirable and expensive homes, often the top 5% by market value. That far outstrips a 2.5% rise for London on the index, 8.9% in Paris and 7.3% in New York, where deals have been hampered by higher interest rates and energy-related economic slowdowns.

Source from bloomberg.com