Investing in real estate without directly buying an apartment or managing a tenant: this is the principle of SCPI (Real estate investment companies). Long seen as a way to invest in real estate without the constraints of managing an apartment directly, SCPIs are attracting more and more French people who are looking to prepare a retirement supplement. According to the ASPIM, nearly 4 million savers today hold general public real estate funds in France, among which SCPIs occupy a major place, for nearly 287 billion euros in outstandings at the end of 2025.
But behind the reassuring image of “stone and paper”, there are numerous pitfalls. Because a return displayed at 6% does not necessarily mean 6% actually perceived by the investor. “ The facial return almost halves for many investors because of taxation », alerts Charley Arod, associate portfolio manager for the Avnear firm. For a taxpayer taxed in the bracket 30%the income of SCPIs held directly also supports social security contributions 17.2%i.e. a total taxation of 47.2%.
High yields: pitfalls to watch out for
The first instinct of investors is often to look only the performance displayed. “ Always look at risk-adjusted return », insists Charley Arod. The advisor takes a concrete example: “ I prefer an investment that yields 4% with a risk of 2 out of 7 rather than an investment that yields 5% with a risk of 6 out of 7. » Since the rise of teleworking, several former SCPIs heavily focused on offices are suffering more, particularly outside the most sought-after areas.
Some management companies have already lowered the price of their shares to reflect the drop in value of certain buildings that have become more difficult to rent. To limit risks, some advisors now favor more recent and more diversified SCPIs, invested in several sectors such as logistics, health or certain offices adapted to new uses. According to the ASPIM, Diversified SCPI posted among the best average returns on the market in 2025, around 6%.
The occupancy rate also remains a key indicator. “ A good occupancy rate, for me, is above 90% », Explains Charley Arod, who also recommends monitoring the remaining duration of leases in order to anticipate future tenant departures. In addition, unlike certain tax investments, SCPIs are generally considered over a long horizon, often 8 to 10 years minimum.
Life insurance, dismemberment, credit: strategies that change everything
The choice of tax envelope can significantly modify the final profitability. Holding SCPIs in life insurance allows, for example, to avoid annual income taxation as long as the savings remain in the contract. Gains can thus capitalize more quickly in the long term and benefit from the advantageous tax framework of life insurance for transmission. But this solution also has limits. The contracts apply additional fees and not all SCPIs offered are equal.
“ Out of around twenty or thirty SCPIs offered, there are sometimes only two or three that are really interesting. », underlines Charley Arod. This strategy is especially suitable for highly taxed savers who seek to capitalize over the long term rather than immediately receiving income. Other investors, often a few years from retirement or already having high incomes, use the dismemberment of property.
Sell SCPI shares
This strategy consists of purchasing only the bare ownership of the shares at a temporary discount, then recovering the income several years later, when professional income decreases. Purchasing on credit can also be considered, but it remains especially suitable for investors who already have a high debt capacity. “ With a SCPI on credit, you will often have to pay back to repay the loan “, warns Charley Arod.
Before investing, professionals finally recommend analyzing the reconstitution price, an indicator which compares the estimated real value of the real estate assets with the sale price of the shares. This data is generally included in reports published by management companies, although some make it less accessible than others. “ Some SCPIs sell their shares far above their real value », alerts Charley Arod.
