Data · 5 October 2026
Dubai flex offices: a chart with commentary
An example of the Data format: one chart, a one-line conclusion and an analyst's comment.
12 November 2026
Flagship research · 20 October 2026
Moscow land: why joint ventures are replacing outright sales
How land deal structures change when debt is expensive, and what works better for an owner: sell now, contribute land to a JV or wait.
Carte Capital Research · 8 min read
150bn RUB in projects and deals since 2005
50+transactions over 20 years
15+markets with investors and partners
Latest research
All research →Case · 15 September 2026
Meliora Place: how a sale-leaseback works for an office building
A 2022 deal: a 5,000 m² Class B business centre sold to Transfin-M with a leaseback to the owner.
Case · 28 August 2026
Buying an office building in central Moscow: senior and mezzanine from two lenders
How we put together acquisition financing with senior debt and a mezzanine loan from two different lenders.
News
All news →- 11 November 2026 22Palms: a research centre will be built in Barcelona
- 3 November 2026 Carte Capital meets South Korean investors in Tashkent
- 31 October 2026 Carte Capital launches a new website with a research section
- 4 May 2026 ZONT Hotel Group opens five-star ENZO hotel in Poklonnaya 9
Market in numbers
Q3 2026 Investment volume, 9M 840 bn RUB incl. land
Cap rate, offices 11–12% Moscow region
Land share of deals 33% of volume
Project debt rate 17–19% key rate 14% + 3–5 pp
Sources: consultants' data (volume and land share, 9M 2026; cap rate, H1 2026), Bank of Russia (key rate as of 23 Oct 2026).
Topics
Topics → Land and development Land sales, joint ventures with developers and the economics of waiting. 6 → Offices Office markets in Moscow and Dubai, sale-leaseback and refinancing. 6 → Debt and mezzanine Senior, mezzanine and equity: what capital costs developers and owners. 6 → Hotels and resorts Operator agreements, branded residences and resort projects. 8 → UAE Dubai and Abu Dhabi: logistics, flex offices and ADGM structures. 1 → Cross-border capital How capital moves between Russia, the Middle East, Europe and Asia. 4 → Bonds vs Real Estate Which pays more: a bond or a flat to let. Yield waterfalls on live Moscow Exchange and Bank of Russia data. 0 →
From our practice
All transactions →| 2026 | Torre del Governador | Heritage resort near Barcelona | 9k m² |
| 2025 | Courtyard City Center | Hotel in Nizhny Novgorod | 12k m² |
| 2024 | Dubai Investments Park | Class A warehouses in Dubai | 33k m² |
| 2023 | Al Salam Tower | Premium Flexible Offices in Dubai | 1k m² |
| 2021 | Novosushchevsky | Class B business center | 38k m² |