US–Israel–Iran Conflict Moderates Mumbai Real Estate Sentiment; Buyers of ₹5 Crore+ Homes Hesitate

The ongoing US-Israel-Iran conflict has tempered sentiment in Mumbai’s real estate market, with some homebuyers adopting a wait-and-watch approach over the past 10 days. Real estate experts say that while some buyers have deferred booking decisions and delayed closing transactions amid the uncertainty, overall activity has not stopped. The impact has been most noticeable in the ₹10-crore-plus segment, they said.

According to a sales executive at a leading real estate firm in Mumbai, some buyers in the luxury segment are pausing purchase decisions until there is greater clarity on the evolving geopolitical situation. “It is not like transactions are not closing. We closed a few deals in Worli over the last few days, both in the ₹10 crore-plus segment. However, homebuyers have become more cautious, with some of my leads saying they would prefer to wait and see how the war unfolds before booking a home. For instance, out of 10 leads at present, about four to five are in a wait-and-watch mode,” said the executive, who did not wish to be named.

Real estate experts said prospective buyers of apartments priced at ₹5 crore to ₹10 crore in Mumbai have adopted a wait-and-watch approach due to stock market volatility, rising oil prices, geopolitical tensions, and fluctuations in the rupee-dollar exchange rate. Many buyers are also concerned about job stability amid these uncertainties, real estate experts said.

Similarly, the Dubai real estate market is also in a wait-and-watch mode among investors and buyers owing to the US-Iran war. If macroeconomic and geopolitical uncertainty persists for another 4–8 weeks, but local employment, credit availability, and flight connectivity remain strong, it is reasonable to expect that 60–80% of Dubai real estate deals currently on hold may close next quarter, albeit some with re-pricing or restructuring, Morgan Owen, managing director, Middle East and North Africa at ANAROCK Group, had told Hindustan Times Real Estate.

Owen had said that Indians are among the largest buyer groups in Dubai’s real estate market, accounting for around 10% of property sales in 2025, and that if perceptions of regional risk continue to rise, a ‘small but meaningful’ shift of capital from Dubai to India could occur.

Real estate experts say homebuyer site visits have turned muted over the past 10 days. While footfall has not declined significantly, several project sites are reporting ‘cold’ visits, with buyers exploring projects but not showing immediate intent to purchase. “There are several project launches lined up ahead of Gudi Padwa in the Mumbai real estate market. Over the past few months, after environmental clearance issues were resolved, both RERA registrations and project launches have picked up, with several large developers receiving approvals in the last two months. However, over the past 10 days or so, homebuyers have shifted into a wait-and-watch mode due to geopolitical tensions,” said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiatives, JLL India.

In Mumbai, site visits by homebuyers have become quite muted, what we call ‘cold visits’. Buyers are visiting projects but are not indicating any firm purchase intent. In my view, the ₹5 crore to ₹20 crore segment has been the most affected by the geopolitical tensions. Homebuyers in the sub-₹5 crore segment are already feeling the impact of stock market volatility. However, I do not see much impact on transactions above ₹20 crore, as ultra-high-net-worth buyers are likely to remain bullish, Mehta said.

In the Mumbai real estate market, apartments priced above ₹5 crore are available across several western suburbs such as Borivali, Kandivali, Malad, Goregaon, Andheri, and Bandra, typically catering to the mid-segment. In contrast, homes priced above ₹10 crore are largely located in Central Mumbai, including Worli, Parel, Prabhadevi, and Dadar, as well as select pockets of South Mumbai, which fall within the premium luxury segment.

In the last 10 days, the Mumbai real estate market has registered over 3,300 properties, generating revenue of ₹290 crore, according to Maharashtra IGR data as of 5.45 PM on March 10. In February 2026, the Mumbai real estate market registered 13,029 property registrations, up by 8% year-on-year (YoY) from 12,066 units within the jurisdiction of the Brihanmumbai Municipal Corporation (BMC), according to Maharashtra IGR data accessed by Knight Frank. Stamp duty collections for the month crossed ₹1,134 crore, marking a 21% YoY increase, from ₹935 crore last year.