The data across Moscow, Dubai, Madrid and Miami. Side by side. No opinion — just numbers.
Section 1
Key metrics across all five asset types for each core market. Select an asset class to compare.
| Metric | 🇦🇪 Dubai | 🇪🇸 Madrid | 🇺🇸 Miami | 🇷🇺 Moscow |
|---|---|---|---|---|
| Average gross yield | 8–12% | 5–9% | 6–10% | 7–9% |
| Average net yield | 6–9% | 3.5–6% | 4–7% | 5–7% |
| Typical lease length | 1 year | 5 years (min) | 1–2 years | 11 months |
| Vacancy rate | 8–12% | 5–8% | 4–7% | 6–10% |
| Entry price (typical) | €200K–€800K | €150K–€600K | €300K–€1.2M | €60K–€300K |
| Mortgage availability | Yes (50–75% LTV) | Yes (60–80% LTV) | Yes (70–80% LTV) | Yes (60–80% LTV) |
| Foreign buyer access | Full | Full | Full | Restricted |
| Management intensity | Medium | Medium | Medium | Medium |
| Liquidity (months to sell) | 2–4 months | 3–6 months | 3–5 months | 4–8 months |
| Capital appreciation 5yr CAGR | 8–15% | 6–10% | 8–14% | 3–7% |
| Total return (yield + appreciation) | 16–27% | 11–19% | 14–24% | 10–16% |
Section 2
What separates residential from commercial investing — lease structure, yields, financing, tax, and management.
"In a NNN commercial lease, the tenant is effectively your property manager. You collect the cheque and do nothing else."
Section 3
Which asset class fits your goals? Select your profile to see the recommended strategy.
Steady monthly income, minimal involvement
Maximum appreciation over 5–10 years
Maximum cash-on-cash return using mortgage
Reduce correlation to equities and bonds
Maximum gross income, hands-on
Capital preservation + income + residency
Section 4
When evaluating a commercial property, these are the metrics that matter — beyond price per m².
Asset type
Office / Retail / Industrial / Mixed
Current tenant
Or vacant — tenant quality matters
Tenant credit rating
If available — de-risks income stream
Lease expiry date
And remaining lease term in years
Annual rent (contracted)
The actual rent being paid today
Rent review mechanism
CPI / Fixed / Open market
NOI
Net Operating Income after all costs
Cap rate
NOI ÷ Purchase price — the core metric
WAULT
Weighted Average Unexpired Lease Term
Occupancy rate
For multi-tenant buildings
Building grade
A / B / C — affects tenant quality
Energy efficiency rating
Increasingly important for institutional buyers
Triple net / gross lease
NNN = tenant pays all costs
Parking ratio
Spaces per 100m² — affects tenant demand
Year built / refurbished
Capex risk indicator
Planning use class
Determines permitted uses
Section 5
Current market cap rates across all commercial asset classes. Higher cap rate = higher yield, but also higher risk.
| Asset Type | 🇦🇪 Dubai | 🇪🇸 Madrid | 🇺🇸 Miami | 🇷🇺 Moscow |
|---|---|---|---|---|
| Grade A Office | 7.5% | 5.5% | 6.5% | 11% |
| Grade B Office | 9% | 7% | 7.5% | 13% |
| High Street Retail | 8% | 5.5% | 6% | 10% |
| Shopping Centre | 8.5% | 6% | 6.5% | 12% |
| Industrial / Logistics | 9% | 6.5% | 7% | 14% |
| Hotel | 8% | 6% | 7% | 11% |
| Mixed Use | 8.5% | 6% | 6.5% | 11% |
Context: Cap rates above 7% in a stable currency jurisdiction (Dubai, Miami) represent exceptional risk-adjusted returns. Moscow's elevated cap rates reflect the currency and geopolitical risk premium — higher yield, higher risk.
Section 6
Why experienced investors prefer commercial — and why beginners often start with residential.
Browse residential and commercial investment opportunities across all four core markets.
Commercial real estate investment involves significant risks including vacancy, tenant default, and illiquidity. Cap rates and yields shown are market averages and individual properties will vary. Always conduct full due diligence and engage a qualified commercial real estate advisor and legal counsel before any transaction. This is market intelligence, not investment advice. Investments Medina GmbH is not a licensed investment advisor in any jurisdiction.
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