The SCPI market is coming out of a complicated period. After three years of outflows and devaluations (office SCPIs lost on average 7.1% in 2024), it clearly regained some color in 2025. According to ASPIM, net inflows even increased by 29%, to reach 4.6 billion euros. Better yet: the average distribution rate came out to 4.91% this yearits highest level since 2020. This is enough to revive the interest of savers looking for real estate yield without rental management.
But be careful, SCPIs have advantages and disadvantagesand for this reason, they are not aimed at all profiles. Stephan Besnainou, commercial director at Aroxys, recalls that SCPIs are primarily aimed at savers who have time on their hands: more than ten years. In practice, “ what we see among our customers is an average holding period of 20 to 25 years. So you need time in front of yourself”he tells us. Furthermore, in the event of a share price drop, as has happened in recent years, many savers will seek to sell at the same time, leading to liquidity concerns.
Our expert therefore recalls that “the goal is a long detention period”and that, in this case, “a price drop is not that impactful as long as the distribution rate is maintained ». For a saver who already has liquid assets that can be mobilized elsewhere, the SCPI therefore has more advantages than disadvantages.
First profile: the future retiree who wants to secure his income
This is the profile most represented in the client bases of management companies. “We have a lot of customers who looking for additional income for retirement. This is the heritage objective that comes up most frequently”confirms Stephan Besnainou. Unlike an investment in shares which can be volatile, up or down, the SCPI pays rather regular quarterly dividends. It is this flow that we are looking for in order to supplement a retirement pension, which may be considered insufficient.
“ These are people who have liquidity elsewhere. They are looking for long-term investment to receive an income, more than a potential capital gain on the price of the share”summarizes the expert. And unlike a classic rental investment, in SCPI, there is no call for charges, no work to manage, no tenant to follow up. The management company takes care of this. Enough to spend a peaceful retirement.
Second profile: the couple who wants to simplify the life of the surviving spouse
The image of the SCPI as a product intended for “medium-sized assets” is tenacious. But Stephan Besnainou has another reading: “For me, it is also for larger assets, who want protect the surviving spouse or children. » He specifies: “Throughout my career, I have seen too many profiles of retirees who had an asset/income imbalance between Mr. and Mrs. Often, the lady does not take too much care of the assets, she does not know what the assets are, she does not does not know the rental properties or the work to be done »confides Stephan Besnainou.
An unfortunately classic situation in certain couples, but which tends to diminish, with young women becoming more and more interested in personal finances in order to be financially independent. But in couples where only one takes care of the property, the SCPI solves this problem by outsourcing all management to a specialized company. “We therefore recommend SCPIs so that the spouse, if something happens to the gentleman, has nothing to do other than communicate with a single company and collect rents »continues the expert. No more searching for tenants, no more work management, no more dealings with a trustee or notary. Everything is simplified.
Third profile: the parent who seeks equitable transmission
SCPIs are also aimed at parents concerned about transmission. Indeed, classic real estate assets pose an arithmetic problem during an inheritance: the assets are never of perfectly equal valueand dividing them between several children almost always creates friction. One wants to sell, the other doesn’t… “If we have 10 apartments and we want to pass on, we will have to divide each apartment by 3 for 3 children”points out Stephan Besnainou. Conversely, the SCPI shares are equal. “For siblings, it helps alleviate parents’ concerns about creating an argument or disagreement”.
Our expert has already had the case of a client who wanted to invest a large sum in an SCPI. He had planned to take 5,000 shares, but called back at the last moment to add one. “I didn’t understand why, on such a large purchase, we weren’t within 100 euros. Actually, it was because he had 3 children. 5,000 is not divided by 3; 5,001, yes. »
