Billionaire Lakshmi Mittal Buys Palatial Mansion in Beverly Hills of Dubai

Lakshmi Mittal is one person who doesn’t hold back, when it comes to making bold moves. The Indian billionaire steel magnate, known for his extravagant lifestyle, has added another jewel to his crown—a lavish mansion in Dubai’s Emirates Hills, often called the “Beverly Hills of Dubai.”

Lakshmi Mittal

A Grand Addition to a Lavish Portfolio

Mittal is the executive chairman of ArcelorMittal and one of Britain’s wealthiest individuals, has recently acquired a palatial Baroque-style residence in Emirates Hills. Initially listed for around $200 million in 2023, the property was sold for approximately half that price, making it one of the most notable residential sales in Dubai’s history.

Adorned with gold leaf decorations, marble pillars, and ornate European finishes, the luxurious estate showcases the grandeur one might expect from a man who has spent decades at the pinnacle of global industry. With large courtyards, indoor fountains, a private cinema, and scenic views of the Montgomerie golf course, the mansion resembles a private resort more than a traditional home.

Emirates Hills

Emirates Hills: The Epitome of Luxury

Emirates Hills is renowned for being a place of exclusivity and luxury. Developed by Emaar this gated community, which features enormous lots ranging from 12,000 to more than 50,000 square feet, allowing residents to build fully customised houses. High-net-worth individuals have been drawn to the neighbourhood, including corporate tycoons and international celebrities.

Residents value the privacy, greenery, and ultra-luxury that Emirates Hills provides. Unlike Dubai’s more visible luxury communities, the properties here are hardly listed publicly and are often sold out before reaching the market. Homes in Emirates hills provides more than  just comfort—they offer prestige, tranquility, and lasting investment value.

A Strategic Move Amid Tax Reforms

Mittal’s acquisition coincides with reports that affluent people are looking into residency alternatives outside of the UK as a result of recent tax measures. Several wealthy individuals are reconsidering their residency in light of the UK government’s decision to eliminate the non-domiciled tax status. Mittal, who has reportedly considered leaving the UK, is one of several extremely wealthy people looking to live in the UAE because of its tax-friendly climate.

Emirates Hills

Dubai’s Booming Luxury Property Market

The luxury real estate market in Dubai has been booming, and the affluent investors are particularly from Indians and Saudi Arabia— leading the demand. As the demand for ultra-luxury real estate continues to rise, the city has emerged as a favourite choice for billionaires looking for luxurious residences. Mittal’s purchase demonstrates how the world’s elite continue to find Dubai’s upscale real estate market appealing.

Dubai’s real estate market is among the top in the world, with prices having increased by almost 70% in the last four years. Investors are still drawn to it because of its combination of safety, cutting-edge infrastructure, zero income tax policy, and worldwide connection.

Conclusion

The purchase of this luxurious property in Dubai’s Emirates Hills made by Lakshmi Mittal is not only a real estate transaction but also a well calculated decision that reflects broader trends among the wealthy worldwide.

As tax regulations change and demand for ultra-luxury real estate increases, Dubai continues to solidify its position as a haven for the world’s wealthiest individuals. In addition to obtaining an enviable piece of real estate, this move also positions Mittal an investor in one of the world’s fastest-growing luxury marketplaces.