Moscow retail and offices are the best value markets in Europe right now, according to a new report from Cushman & Wakefield, with those brave enough to invest likely to see strong returns.

The broker’s European Fair Value Index report measures 122 markets across Europe and rates them according to their projected returns and the general risk premium for buying property versus investing in bonds.

Moscow came out on top, followed by offices in Sofia, the capital of Bulgaria, and logistics in Dublin and Barcelona.

Moscow has been a risky market in which to invest because the economy has been hurt by sanctions and falling oil prices. Tenants asking to pay rents in rubles instead of dollars can severely hit rent rolls. On the whole, since sanctions have been in place global investors have avoided the city.

Essentially, given how low yields have fallen, you have to get pretty esoteric to find value. As a sector, logistics offered the best value, Cushman said.

The most overpriced markets were offices in Istanbul, Geneva and Vienna.

On the whole, the U.K. is pretty fairly valued, Cushman said. Of the 28 U.K. markets it covers, 21 were fairly priced, six overpriced and one underpriced — Bristol offices. London is fairly priced, according to its research.

“We expect European property’s attractiveness to continue to diminish as yields fall further and bond yields are expected to rise, which will increase the required return,” Cushman said.