Mumbai: $1 Million Now Buys Much Less Space in 2025 Wealth Report
Mumbai: $1 Million Now Buys Much Less Space in 2025 Wealth Report
Mumbai's affordability gap widens as $1 million buys 9% less space in 2025 than in 2020, while Delhi and Bengaluru edge up.
Mumbai’s affordability story has shifted again, with the Wealth Report 2026 showing that a budget of $1 million (about ₹9.4 crore) buys significantly less real estate in the city than five years ago. In Q4 2025, $1 million bought 96 sqm (1,033.33 sq ft) of real estate in Mumbai, down from 106 sqm (1,140.97 sq ft) in Q4 2020. That 9% drop reflects tight land availability, coastal constraints and strong global investor interest.
Compared with global peers, Mumbai’s decline isn’t the steepest—Dubai recorded the steepest fall at 66%—but it underscores a local affordability squeeze that affects even ultra-wealthy buyers amid limited new supply.
Delhi and Bengaluru, by contrast, show a different trajectory. In Delhi, the area purchasable for $1 million rose slightly from 202 sqm (2,174.30 sq ft) in Q4 2020 to 205 sqm (2,206.60 sq ft) in Q4 2025. Bengaluru followed a similar pattern, increasing from 351 sqm (3,778 sq ft) to 357 sqm (3,842 sq ft) over the same period.
Mumbai remains India’s wealth hub, accounting for about 35.4% of the country’s ultra-wealthy population. In 2025 alone, the city recorded 56 new-build residential transactions in the over-$5 million segment, signaling continued high-end activity despite shrinking space for $1 million buys. The broader backdrop includes a 38% expansion in India’s GDP over the past five years, accelerating wealth creation in technology, industry and capital markets.
These dynamics suggest that Mumbai’s luxury property market is redefining affordability, even as demand from global and domestic investors remains strong.
