On paper, it is a placement that has everything to please. According to the latest crowdfunding barometer in France, produced by Forvis Mazars with France Fintech, real estate crowdfunding (or “Crowdimmo”) displays a return of 10.9% in the first half of 2025, all with an entry ticket limited to 1 euro on certain platforms. Nevertheless, in terms of investment, you never get attractive remuneration without risk taking. And the crowdfunding of real estate projects appears more adventurous than ever.
If the yield has not increased since the first half of 2024, the proportion of projects in difficulty, it continues to grow. As a reminder, real estate crowdfunding is to finance – via a collection platform – a real estate operation (construction or renovation of a property). In exchange, the investor receives interest which are paid to him during the duration of the loan (between 6 and 36 months), then is reimbursed from his capital to the fixed maturity. Problem: the proportion of intermediaries who are delayed on their obligations with regard to investors is increasing continuous in recent years.
20 to 25% of projects are delayed by more than six months in the first half
On the elapsed semester, 20 to 25% of projects are more than six months old. They were only 15 to 20% a year ago. Ditto for the proportion of operations leading to a collective procedure – once the platform admits that it cannot honor its commitments -, which go from a range of 4 to 6% to 10 to 15% in one year. Finally, the percentage of projects that led to a definitive loss of money for investors is now between 4 and 6% against 2 to 4% a year earlier. Recall that the first half of the year was marked by the cessation of activity of the Koregraf platform, which leaves behind 198 real estate projects still in progress, with total capital remaining due to nearly 160 million euros.
Investors are not mistaken, since according to the barometer, the financing of real estate projects via crowdfunding is falling. Forvis Mazars notes a drop in collection of 15% compared to the same period last year. Only 468 operations were funded, for a total of 388 million euros. A year earlier, the volume of loans was still 459 million euros, for 536 projects.
