10 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

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Market in numbers

Q3 2026
Investment volume, 9M xxx bn RUB
Cap rate, Class A offices x.x% Moscow
Land share of deals xx% of volume
Project debt rate xx% key rate + spread

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202622 PalmsOffices with laboratories in Barcelona7k m²
2025Courtyard City CenterHotel in Nizhny Novgorod12k m²
2024Dubai Investments ParkClass A warehouses in Dubai33k m²
2023Al Salam TowerPremium Flexible Offices in Dubai1k m²
2021NovosushchevskyClass B business center38k m²