Having been mistreated for two years, real estate investment companies (SCPI) are gradually recovering. In the first half of 2025, subscription volumes are up 15% compared to the first half of 2024, according to statistics from the French Association of Real Estate Investment Companies (ASPIM) and the Institut de l’Épargne Immobilière et Foncière (IEIF). But not all SCPIs ride the same dynamic.
Opt for diversified SCPIs
The SCPIs that manage to do well are mainly SCPIs with a diversified strategy. Of the 2.6 billion euros in gross collection in the first half, 72% was captured by diversified SCPIs.
It must be said that their ability to combine several asset classes – offices, retail, logistics, health, even residential – allows them to pool rental risks while seizing market opportunities.
This flexibility facilitates portfolio adjustments and promotes good performance. Currently, these are the most efficient SCPIs. They posted an average distribution rate over the first half of 2025 of 2.79%. This is 20% more than the market average (2.29%) over the same period.
Target those investing in Europe
Germany, Spain, Italy… Each national market has its own characteristics (growth, unemployment rate, demographics, interest rates, etc.) having an impact on the real estate sector.
An SCPI that invests without geographical restrictions can then seize the best investment opportunities, wherever they are. It is also a good way to pool rental risk more effectively.
Another advantage: the manager has greater market depth to make his investment choices.
Finally, investing in European countries allows French tax residents to benefit from lower taxes. Rental income from abroad is exempt from social security contributions of 17.2%. And in terms of income tax, several European countries record a relatively low level of withholding tax.
For example, with Germany, a withholding tax of 15.825% is retained. You will only pay in France an additional tax equal to the difference between your marginal rate and your average tax rate.
Favor new generation SCPIs, with no entry fees
SCPIs have existed for several decades and have largely demonstrated their effectiveness over time. However, the real estate crisis of 2022, caused by the sharp rise in interest rates, has profoundly transformed the market.
In this new context, it is the recently created SCPIs which are best positioned to take advantage of current opportunities and build up real estate assets under excellent conditions. Indeed, they invest in an environment marked by a fall in real estate prices. They therefore benefit from excellent timing, unlike older SCPIs, whose assets are often aging and the capacity to seize new opportunities is limited.
Some of these new generation SCPIs have also chosen to eliminate entry fees, while traditional SCPIs generally apply between 8 and 12%.
This model presents a double advantage for the investor: on the one hand, for the same starting capital, you invest more, not being penalized by fees. On the other hand, it is a more virtuous model which better aligns your interests with those of managers in the long term.
In return, other fees apply, particularly during the acquisition of real estate assets or in the event of withdrawal during the first years of ownership. Annual management fees are also slightly higher. However, the cost savings made at entry are generally more profitable for you, including in the long term.
In short, selecting a recent, diversified, European SCPI with no entry fees allows you to make an excellent pre-selection among more than 200 SCPIs currently marketed.
Secondly, it will be appropriate for each SCPI to analyze in more detail certain key indicators such as performance history, the quality and duration of leases, the level of debt as well as the valuation of real estate assets.
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