SCPI investment: regained confidence but necessary caution

“SCPIs are a market that needs confidence. The fact that he is leaving shows that confidence is returning »notes Benjamin Le Baut, general manager of Alderan, a real estate management company. But this recovery does not benefit everyone. Behind the average, certain SCPIs capture the bulk of savingswhile others are still struggling to attract subscriptions or ensure the resale of shares.

The return of safe haven real estate

Real estate retains the status of a safe investment, and this would be one of the reasons for the return of savers to this investment: “ Real estate still has a refuge character. It’s attractive in an environment where more traditional financial stocks are being disrupted”explains Benjamin Le Baut. With an average yield close to 5%, the SCPI is once again becoming competitive with Livret A, which has fallen to 1.5%, and euro life insurance funds.

Above all, share price declines have slowed down significantly, and the first increases have even reappeared. The secondary market is also normalizing, even if tensions are still there on part of the funds.

Savers become more suspicious

Despite this good news, the CEO of Alderan observes “a very selective return, because savers are more demanding todaymore careful, in view of the errors that may have been made in the past ». Before subscribing, clients now examine the track record of an SCPI, its ability to perform in this new cycle and its way of pooling risk between numerous assets and tenants. And this is what is recommended to make a good choice.

“We try to do pedagogy on the fact that we should no longer look at the single yield figure, but at all the indicators”continues the manager. The occupancy rate, the overall annual performance (PGA), the distribution history count as much as the yield rate displayed in the window, sometimes artificially inflated by young vehicles during their first years.

Certain types of SCPI are also more criticized: “The very specialized SCPI offices have had such disappointments that this has created a form of mistrust”confirms Benjamin Le Baut. Thus, in 2025, Diversified SCPI captured 65% of the collection, far ahead of those predominantly offices (24%). It must be said that office SCPIs, long the premier category, have suffered the greatest drops in value, up to almost 10% in 2024.

The market also often pits young and old SCPIs against each other. If the news gets people talking with their very aggressive distribution rates, the oldest retain their strengths. “They have reached a size that allows risk to be shared, a well-constructed portfolio, a long distribution history », Underlines the manager.