SCPI: Our Advice for an Optimal Investment

SCPIs appeal to many investors seeking potential regular income and diversification in real estate, without the management burdens of a traditional rental property purchase. But in a context marked by rising interest rates, shifts in the real estate market, and the growth of real estate crowdfunding, is it still a good investment in 2025 and 2026?

Whether it’s returns, risks, taxes, liquidity, choosing platforms, or wealth management strategies, we offer our insights and advice to help you better understand how SCPIs work and build an investment plan tailored to your goals.

SCPI: What Is It?

An SCPI, or Société civile de placement immobilier, allows investors to invest indirectly in real estate. In practice, the investor purchases shares in a company that owns a portfolio consisting of offices, retail spaces, healthcare facilities, residential properties, warehouses, or specialized assets. Management is entrusted to a licensed management company, which is responsible for purchasing the properties, leasing them, managing tenants, and distributing any income to the shareholders.

This structure sets an SCPI apart from a traditional real estate purchase. The investor does not select a property on their own, does not manage renovations, and does not deal with tenants. Instead, they gain access to a pre-structured real estate portfolio, often with a lower initial investment than that required for a direct rental investment.

SCPIs are a type of “real estate investment trust.” They allow investors to diversify their portfolios, but they remain exposed to the cycles of the real estate sector. The principal is not guaranteed, and selling shares can take time.

Our Outlook on SCPIs in 2025 and 2026

SCPIs remain an attractive tool for diversifying a real estate portfolio, but they must be selected carefully. After several years marked by rising interest rates, declining valuations in certain sectors, and pressures on the office real estate market, the market has become more selective.

According to the French Association of Real Estate Investment Trusts (ASPIM), the market capitalization of SCPIs stood at 89.09 billion euros as of December 31, 2025, compared with 88.54 billion at the end of 2024, with 232 SCPIs listed on the market. The year 2025 thus showed signs of stabilization, despite a still uncertain environment.

For 2026, we must therefore avoid two extremes: 

• to think that all SCPIs are in trouble; 
• or to believe that all high returns are sustainable. 

What returns can you expect from SCPIs?

The payout ratio remains the key indicator of returns

An SCPI’s return is primarily measured by its distribution rate. This rate represents the income distributed over a year relative to the subscription price of the share. This indicator helps assess an SCPI’s income potential, but it is not sufficient on its own to measure its overall performance, as changes in the value of the shares must also be taken into account.

SCPIs posted solid returns overall in 2024

According to ASPIM, the average distribution rate for SCPIs stood at around 4.72% in²⁰²⁴¹. However, some diversified or European SCPIs posted returns above 6%, and even higher for a few more aggressive strategies. Conversely, some SCPIs exposed to more vulnerable assets posted more limited returns. In 2024, ASPIM also described a year of transition for retail real estate funds, marked by a correction in valuations and a gradual improvement in fund inflows toward the end of the year. The market-capitalization-weighted average share price declined by 4.50% between January 1 and December 31, 2024.

Diversified SCPIs dominated the market in 2025

In 2025, the average distribution rate for SCPIs stood at 4.91% according to^ASPIM2 (up 0.19% from 2024). Some diversified SCPIs posted returns above 6%, while logistics and industrial property SCPIs hovered around 5.6%. Retail SCPIs averaged 4.9%, compared with 4.6% for office SCPIs and about 4.2% for residential, healthcare, and education SCPIs. 

Last year, diversified SCPIs accounted for the bulk of gross capital inflows, representing 65% of the annual total, ahead of office SCPIs, at^24%³. Other real estate strategies remain significantly less prominent: healthcare and education at 4%, logistics and industrial properties at 3%, retail at 2%, residential at 1%, and hotels, tourism, and leisure at 1%. This trend in capital inflows indicates that investors are increasingly favoring diversified strategies in a market that remains selective.

Returns in 2026 will depend heavily on the real estate market

For 2026, returns will therefore depend on several factors: 

• the level of rents; 
• occupancy rate;
• the purchase price of the assets;
• the cost of financing;
• the quality of the tenants;
• management fees;
• and the management company's ability to adjust its portfolio. 

A high rate may be attractive, but it must always be weighed against the risk involved.

Why Invest in SCPIs?

SCPIs offer many advantages. 

1. The first advantage is access to real estate with a limited initial investment. Unlike a traditional rental property purchase, it is possible to invest in cash since you are not buying the entire property. SCPIs can also be financed with a loan to take advantage of financial leverage and optimize tax benefits through the deductibility of loan interest.

2. The second advantage is diversification. An SCPI can hold several dozen or even several hundred properties. It can also invest in various sectors: office, healthcare, logistics, retail, hospitality, residential, or real estate related to new and renewable energy (NRE). This diversification helps spread some of the rental risks.

3. The third advantage is delegated management. The investor does not have to manage leases, late payments, renovations, or real estate disputes. The management company handles these tasks in exchange for a fee.

4. Finally, SCPIs can serve several purposes: 

• generate potential revenue;
• plan for retirement;
• diversify your assets;
• invest in commercial real estate;
• or supplement an investment portfolio that already includes stocks, bonds, life insurance, or real estate crowdfunding.

What are the risks associated with SCPIs?

SCPIs are not risk-free investments. The primary risk is capital loss. The value of the shares may decline if the value of the real estate portfolio decreases. This is what was observed with several SCPIs during the real estate market correction in 2023 and 2024.

The second risk is liquidity. The AMF notes that SCPIs are illiquid real estate investments: the terms of sale may vary depending on market conditions, the type of SCPI, and the volume of redemption requests. In practice, this means that an investor may not be able to sell their shares immediately, or may have to wait for a buyer to come along.

The third risk relates to income. Rental income may decline in the event of vacancies, payment defaults, lease renegotiations, or a decline in demand for certain assets. Even though the risk is shared, it is never completely eliminated.

Costs must also be taken into account. SCPIs incur subscription fees, management fees, and sometimes fees related to the sale of shares. These costs are why this investment should generally be viewed as a medium- or long-term commitment.

SCPI vs. real estate crowdfunding: What are the differences?

Both SCPIs and real estate crowdfunding allow investors to invest in real estate, but they operate differently.

With an SCPI, investors purchase shares in a company that owns a real estate portfolio. Returns come primarily from rent and, potentially, from appreciation in the value of the assets. The investment horizon is generally long-term.

With real estate crowdfunding, investors finance a specific real estate project led by a developer. This may involve a development project, a renovation, property flipping, or bridge financing. The expected return is defined from the outset, but the project may experience delays, defects, or a partial or total loss of capital.

Crowdfunding platforms must comply with a strict regulatory framework. In Europe, the status of “PSFP” (Crowdfunding Service Provider) governs crowdfunding entities to enhance transparency, disclosure, and investor protection. However, this framework does not eliminate risk.

How do you choose an SCPI that meets your needs?

The choice of an SCPI should not be based solely on the advertised return. You should consider various indicators.

1. The first factor to consider is the quality of the portfolio. It is important to examine the sectors in which investments are made, the location of the assets, the age of the buildings, the length of the leases, and the financial stability of the tenants. An SCPI that is heavily concentrated in a single sector may be more vulnerable to a market downturn.

2. The second criterion is the financial occupancy rate. It is used to assess the ratio of actual rent collected to the potential rental income. A high rate may indicate good occupancy, but it must be analyzed over time.

3. The third criterion is based on investment strategy. Some SCPIs focus on office properties, while others focus on healthcare, logistics, retail, or a diversified approach. Still others are looking to Europe to expand their investment universe.

4. The fourth criterion concerns fees. High fees are not necessarily a deal-breaker, but they must be consistent with the investment horizon and expected return.

5. Finally, investors should take their tax situation into account. A directly held SCPI generally generates taxable real estate income. Depending on the investor’s profile, life insurance or a split-ownership arrangement may be worth considering to optimize tax liability.

What is the tax treatment for SCPIs?

When held directly, income distributed by a French SCPI is taxed as real estate income. It is subject to the progressive income tax scale and social security contributions of 18.^6%⁴.

In the event of a resale resulting in a capital gain, the tax rules for real estate capital gains apply. These rules depend, in particular, on the length of ownership.

Some European SCPIs may generate income from foreign sources. Their tax treatment then depends on the applicable tax treaties. This point must be carefully analyzed, as it can affect the net return.

Life insurance is another possible investment vehicle. In this case, the SCPIs are held within an insurance policy, and the applicable tax treatment is that of life insurance in the event of a surrender. The selection of available SCPIs may be more limited, but this investment vehicle offers an attractive tax and estate planning framework.

What are people's opinions on the different platforms?

Opinions on SCPIs and real estate investing vary across platforms, as not all of them take the same approach. Some focus solely on real estate crowdfunding, while others take a more comprehensive wealth management approach that incorporates life insurance, diversification across asset classes, and support for investors.

Bricks

Bricks offers access to real estate investing starting at €10, with a model based on bonds used to finance real estate projects. The platform prioritizes accessibility and ease of use above all else, enabling a broad audience to gradually begin investing with small amounts. This approach may appeal to investors seeking their first foray into fractional real estate or crowdfunding. However, the platform’s focus remains primarily on one-off real estate crowdfunding campaigns.

Anaxago

Anaxago takes a more wealth management-oriented approach. The platform offers real estate crowdfunding, private equity, SCPIs, startups, and various unlisted investment vehicles. The minimum investment is generally €1,000 for real estate projects. This wealth management-focused selection is primarily aimed at investors seeking to build a medium- or long-term diversification strategy.

Baltis

Baltis offers real estate crowdfunding, SCPIs, and fractional real estate ownership. The platform highlights that investments start at just €100 for certain projects, allowing users to gradually diversify their capital. Its positioning lies between the accessibility of real estate crowdfunding and a more diversified approach that incorporates various types of real estate investments.

Homunity and ClubFunding

These platforms operate in the real estate crowdfunding market with a variety of projects, including real estate development, property investment, redevelopment, and high-yield investments. Their business model is based primarily on crowdfunding for specific real estate projects, often with a shorter investment horizon than that of SCPIs.

Raizers

Raizers stands out for its more comprehensive approach to real estate and wealth management. Our platform isn’t limited to real estate crowdfunding; it also offers savings and diversification solutions, particularly through life insurance. The minimum investment is generally set at €1,000 for traditional real estate crowdfunding projects. However, our new automated investment tool, called SmartInvest, lets you invest as little as €100 while earning 2% cashback on your first two investments.

Our approach thus makes it possible to combine several wealth management solutions within a single strategy: real estate crowdfunding, SCPIs, life insurance, and diversification across different investment vehicles. For investors seeking to build a more balanced portfolio over the medium to long term, our wealth management vision can be a significant advantage.

We also emphasize a rigorous selection of projects, detailed monitoring metrics, and a European regulatory framework through our PSFP accreditation issued by the AMF. This aspect reassures investors seeking greater transparency and structure in their investment strategy.

Ultimately, the choice depends mainly on your goals as an investor: gradual investment with small initial contributions, seeking potentially high returns on targeted projects, asset diversification, generating supplemental income, or incorporating real estate investments into a life insurance policy.

Expert opinions and investor feedback: What should we take away from them?

Wealth management experts agree on one point: SCPIs can be a good fit if they are part of an overall investment portfolio. They should not make up the entirety of one’s assets, but they can complement other investment vehicles.

From the investors’ perspective, positive feedback often centers on simplicity, the prospect of regular income, and the fact that there is no need to manage rental properties. More cautious opinions focus on taxation, subscription fees, resale timelines, and declines in share prices observed in certain SCPIs.

For its part, the AMF emphasizes the need for clear and objective information. Marketing communications should not be based solely on past performance, as past performance is not indicative of future results.

Should you invest in SCPIs in 2026?

SCPIs continue to offer strong advantages for investors seeking to diversify their real estate portfolios, generate potential regular income, and gain access to assets that are difficult to acquire directly. However, like any investment, they require a thorough analysis of risks, fees, asset quality, and management strategy.

In a landscape marked by changing interest rates, shifts in the real estate market, and the growth of crowdfunding, it is essential to develop a strategy tailored to one’s profile, investment horizon, and wealth management goals. Raizers supports investors in this process through a comprehensive approach that combines real estate crowdfunding, asset diversification, and solutions accessible through life insurance, particularly through SCPIs.

To learn more, you can contact one of our advisors or register on our platform to get additional information about available projects, investment strategies, and solutions tailored to your financial situation.

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Source:

¹ https://www.aspim.fr/content/uploads/2025/11/CP-Bilan-2024.pdf

² https://www.aspim.fr/actualites/collecte-et-performance-des-fonds-immobiliers-grand-public-en-2025-des-signaux-damelioration-dans-des-marches-encore-sous-contraintes

³ https://www.aspim.fr/content/uploads/2026/02/ASPIM_CP-4T-2025_V4.pdf 

⁴ https://www.service-public.gouv.fr/particuliers/vosdroits/F2329/personnalisation/resultat?lang=&quest0=0&quest=

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