The drop from 1.7% to 1.4% in the Livret A next February will probably put the spotlight back on the returns of SCPIs (Sociétés Civiles de Placement Immobilier). These yield products could provide their subscribers with an annual dividend of around 4.7% for 2025, close to 2024 (4.72%), by annualizing the distributions already made over the first nine months of the year. They have already paid 3.5% of their outstandings on average, according to the French Association of Investment Companies (Aspim) which counts 230 for 88 billion euros of outstandings as of September 30.
But in reality, the distribution rates vary greatly depending on the products and their positioning (4.2% on average for diversified SCPIs and 3.3% for office SCPIs cumulatively at the end of September). Dividends fell more often (43%) than increased (41%), the other 16% remained stable.
SCPI: very variable performances
It is also necessary to adjust these distribution rates for variations in share values, and here again, the declines (18%) exceeded the increases (8%), the vast majority managing to keep their price unchanged.
However, the result is not very flattering: on average, the decline in SCPI prices reached 3.6% over the first nine months of 2025, SCPIs specializing in residential fell the most (-8.8%) but those of offices, predominant in the offer, continued their decline (-5.4%). Only diversified SCPIs are resisting (+0.2%) the real estate slump.
According to Aspim, around thirty SCPIs have revised their share price downwards between mid-2023 and mid-2025, with adjustments of up to -17% for certain office SCPIs. Some have lost up to 50% of their value since their peak three years ago.
Others, rarer ones, must now revalue the price of their shares to follow the progression of their asset values, in particular those which managed to take advantage of the price falls as soon as the real estate market turned around. The Pierrepapier.fr site listed 13 as of December 1st. But while waiting for the end-of-year appraisals, the overall real estate yield (distribution rate plus variation in realizable value) stands at +1.1% on average at the end of June (last date of the bi-annual appraisals).
Which SCPIs to invest in today?
It is therefore advisable to be very selective when investing in these products and to prefer SCPIs which have collected funds recently. Essential funds to take advantage of the decline in real estate markets and invest in good value properties. Because many SCPIs stuck in office real estate remain exhausted and have few resources to prepare for the future.
Moreover, savers were not mistaken: they returned to SCPIs in good shape, avoiding those weighed down by the office real estate crisis.
These winners are the diversified SCPIs which captured 84% of the total net flows. In the lead, Iroko Zen by Iroko (412 million euros during the first nine months of 2025), Transitions Europe by Arkea Reim (406 million), Corum Origin by Corum (376 million), Comète d’Alderan (267 million) Epargne Pierre Europe by Atland Voisin (211 million) and Remake Live by Remake Am (158 million).
Only one predominantly office-based SCPI collected more than 100 million euros: Corum Eurion from Corum AM (with 113 million). Flows remained negative at Selectinvest of Française Reim (-28 million), Accimo Pierre of BNP Paribas Reim (-17 million over the period), Perial 02 of Perial AM (12 million) and many others.
In total, if the year 2025 marks the start of recovery, the vintage (3.3 billion euros of net collection during the first nine months) will nevertheless remain very far from the records of 2022 (10.2 billion) and 2019 (8.6 billion).
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