Dubai’s appeal, driven by its lifestyle, skyline of high-rises, tax-free salaries and business-friendly environment, has long made it a preferred destination for professionals and investors. However, the ongoing Iran–US–Israel war has prompted online discussions about potential alternatives within the Indian real estate market.
In a post on X, Mahesh BR suggested that cities such as Mumbai, Bengaluru, Singapore, Colombo, Bangkok, Kuala Lumpur, Seoul and Hong Kong could be considered alternatives to Dubai. The suggestion drew mixed reactions.
Several users argued that the comparison was premature; one commented that no Indian city is likely to match Dubai in the next two to three decades. Another user called the comparison illogical, saying prime hotspots in Indian cities do not rival Dubai’s offerings.
“Why even discuss? None of Indian cities is even close to becoming Dubai in the next 2-3 decades,” an X user responded to the post.
Another X user said “the comparison is illogical and that no Indian cities’ prime hotspots match Dubai’s.”
One user said “GIFT City we are building it to compete with Dubai.”
The X post suggested these cities as potential alternatives to Dubai’s real estate market within India.
1) GIFT City, Gujarat
GIFT City, or Gujarat International Finance Tec-City, is a smart city and the first operational International Financial Services Centre (IFSC) in India. Designed to be a global financial and IT hub, it also houses GIFT Nifty and tracks the performance of the Nifty 50 index, but it is traded on the NSE International Exchange (NSE IFSC) in GIFT City.
Also Read: Dubai real estate: Will housing sales moderate if buyers adopt a wait-and-watch approach?
Located between Ahmedabad and Gandhinagar, GIFT City spans 880 acres along the banks of the Sabarmati River. It features a Special Economic Zone (SEZ) and a non-SEZ area, designed to host global finance, IT firms, and residential projects. Currently, about 30% of the city is operational, with another 30% earmarked for housing.
According to experts, GIFT City has the potential to attract international and multinational companies and to offer a lifestyle similar to Dubai at less than half the price.
The capital value of residential apartments in GIFT City is around ₹10,000 per sq ft, and the rental value of commercial offices is in the range of ₹50-100 per sq ft per month.
2) Mumbai
Mumbai, India’s financial capital and a coastal town, along with pockets of the Mumbai Metropolitan Region (MMR), can position itself as an alternative to Dubai by leveraging its deep financial ecosystem, large domestic market, and strong capital flows, experts said.
According to experts, Mumbai alone has Bandra Kurla Complex (BKC), which is India’s costliest commercial district. However, Navi Mumbai and pockets of Mumbai 3.0 have the potential to create an ecosystem that offers a lifestyle similar to Dubai’s at a much lower cost.
The capital values of residential apartments in the MMR range from ₹15,000 to ₹2 lakh per sq ft. The rental value of commercial offices also ranges from ₹50 per sq ft to ₹1,000 per sq ft, depending on the property’s grade and location.
3) Bengaluru
According to experts, Bengaluru can position itself as an alternative to Dubai by leveraging its technology-driven economy, strong startup ecosystem, and office demand driven by global capability centres.
The per sq ft price of prime residential properties typically ranges between ₹8,000 and ₹18,000 per sq ft, while Grade A office rentals generally hover around ₹70 to ₹130 per sq ft per month, depending on the micro-market, real estate experts said.
Dubai vs India: Experts say no city rivals its capital flows and infrastructure
Real estate experts said that no Indian city currently matches Dubai’s positioning. “No Indian city can rival Dubai in terms of global capital inflows, tax advantages, scale of luxury inventory or its integrated infrastructure ecosystem. In that sense, the premium commanded by Dubai is justified. That said, how things evolve will depend on how the geopolitical situation unfolds,” a real estate expert, who did not wish to be named, said.
Experts said that apartment prices in Dubai’s prime areas typically range between ₹35,000 and ₹75,000 per sq ft, while Grade A office rentals are roughly ₹250 to ₹450 per sq ft per month.
According to Morgan Owen, managing director, Middle East and North Africa at ANAROCK Group, “After Covid, Dubai’s economy has been exceptionally robust, with a steady stream of inward migration, the benefits of golden visas, and tax breaks all driving demand. The system is far more resilient now to such shocks, but obviously not totally immune.”
“If risk perception increases consistently, a small but significant shift of capital from Dubai to India is possible,” Owen said, adding that Dubai’s structural appeal is likely to prevent abrupt or impulsive reallocations.
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)
