Investing in REITs (Sociétés Civiles de Placement Immobilier – SCPI) in real estate remains an attractive solution to build up a rental portfolio without managing the properties on a daily basis. Nicknamed “paper stone,” it offers diversification, potential income, and access to professional properties that are difficult to acquire directly. This article explains in concrete terms what a real estate SCPI is, how it works, and what its advantages and risks are.
What is an SCPI and how does this real estate investment work?
An SCPI (Société Civile de Placement Immobilier) is a collective investment vehicle that collects funds from savers to acquire and manage a rental real estate portfolio. Legally, the SCPI takes the form of an unlisted company managed by a management company approved by the AMF; it is often referred to as “paper stone” because it gives access to real estate through shares rather than through direct ownership of a property.
The system is based on risk pooling: each shareholder holds SCPI shares and receives a share of the rents (often paid quarterly). The management company handles acquisitions, rental management, works, and maintenance, in return for fees (subscription and management).
The valuation of the shares evolves according to the value of the assets and the occupancy rate of the buildings. An enjoyment period (generally 3 to 6 months) often separates the subscription from the start of dividend payments.
The different types of SCPI and their investment objectives
SCPIs are divided into major categories that meet distinct objectives:
Yield SCPI: aim to generate regular income through commercial real estate (offices, shops, healthcare, logistics). Ideal for passive income and rental yield.
Tax SCPI: invest in properties eligible for tax schemes (Malraux, Denormandie, land deficit). Note: the Pinel scheme ended on January 1, 2025; however, some Pinel SCPIs may still have specific constraints.
Specialized or thematic SCPI: target a specific sector (hospitality, senior residences, healthcare, logistics). They may offer performance opportunities but involve higher sector-specific risks.
Diversified and regional/international SCPI: spread investments across different types of assets and regions, reducing the risk linked to a single asset class or geographic area.
Each type meets a strategy: immediate income, tax optimization, or long-term capital gain. The choice must align with the investment horizon and risk profile.
How to acquire SCPI shares?
Several acquisition methods are possible, offering flexibility depending on budget and wealth strategy:
Cash purchase: full payment of the shares at subscription.
Credit purchase: using a real estate loan dedicated to SCPI shares, allowing leverage and interest deductibility (under conditions).
Split ownership (bare ownership/usufruct): wealth solution to optimize transfer or deferred income.
Via a life insurance policy or a retirement savings plan (PER): allows integration of SCPI into a tax-advantaged wrapper for certain horizons.
Since the July 2024 ordinance, there is no longer a legal minimum subscription amount for an SCPI, but management companies generally set a minimum entry ticket (often between a few dozen and a few hundred euros per share, or several hundred euros depending on the SCPI). To subscribe, one goes through the management company, a bank, a wealth management advisor, or a specialized platform; the usual required documents are ID, proof of address, bank details, and proof of funds’ origin.
Finally, always compare subscription fees, annual management fees, and resale conditions before finalizing the purchase: these elements directly influence the net return of your collective real estate investment.
What are the advantages and risks of investing in SCPI?
Investing in real estate SCPI offers many benefits for savers who want access to property without taking on daily management. Among the main advantages: portfolio diversification, access to corporate assets (listed or not), receipt of passive income, pooling of rental risks, and the possibility of using leverage through credit.
Delegated management by a management company eliminates operational constraints (tenant search, maintenance, reminders). In addition, some SCPIs include ESG themes or assets linked to renewable energy (a regulatory innovation since 2024), which can support the resilience of the portfolio in the face of transition challenges.
However, SCPI also carries risks to anticipate: capital loss is not excluded, liquidity is limited (resale of shares may take several months), and performance depends on management quality and the real estate market. Rents may fluctuate, vacancies may impact income, and dividend taxation (rental income) must be taken into account.
The potential returns of SCPI
After a period of volatility linked to interest rate cycles and the real estate market, the SCPI market is entering 2025 with signs of stabilization. In 2024, the average market distribution rate stood at around 4.7% according to ASPIM, showing that yield SCPIs remain an attractive source of income for many investors.
However, it is essential to remember that past returns do not guarantee future performance. Actual returns will depend on factors such as occupancy rate, tenant quality, rent evolution, inflation, and management decisions (acquisitions, disposals, works).
Comparing the distribution rate, share price trends, and carry-forward of an SCPI makes it possible to assess its ability to maintain dividends over time. Integrating SCPI into a broader wealth strategy (life insurance, PER, multi-SCPI combination) also helps optimize the expected net return.
Fees associated with SCPI investment and their impact
Fees are a key element in estimating the net profitability of an SCPI. The main types are:
Subscription fees (entry fees): charged when purchasing shares; they represent a significant part of the initial cost.
Annual management fees: charged each year by the management company to cover rental and administrative management.
Transfer fees: possible costs linked to the resale of shares on the secondary market.
These fees reduce the gross yield to arrive at the net yield received by the shareholder. Before subscribing, compare fees between different SCPIs and assess their impact on your investment horizon: high fees weigh less if you hold shares for a long time, but strongly weaken short-term performance.
Practical advice: prioritize a full analysis (gross yield, net yield after fees, occupancy rate, carry-forward) rather than only looking at the distribution rate when choosing an SCPI.
SCPI taxation: how to optimize your real estate investment?
Taxation is a central element in evaluating the net profitability of an SCPI investment. In France, the income paid by an SCPI is, for most individual subscribers, considered rental income and subject to the progressive income tax scale. It is also subject to social contributions at a rate of 17.2%.
Two tax regimes may apply depending on your situation: themicro-rental regime(30% flat-rate deduction if your gross annual rental income is less than €15,000) and thereal regime(detailed declaration allowing deduction of charges, loan interest, and depreciation as applicable). The choice between micro-rental and real regime must be made year by year according to overall taxation and deductible expenses.
For SCPIs investing abroad (European or international SCPI), taxation may be more complex: income may be taxed locally and in France, but tax treaties and credits exist to avoid double taxation. It is therefore essential to read the SCPI’s tax notice and, if necessary, seek tax advice tailored to your situation.
Regarding resale of shares, capital gains are subject to the real estate capital gains regime for individuals (flat tax of 19% + 17.2% social contributions), with holding period allowances allowing progressive exemption. These rules vary depending on the legal nature of ownership; inquire before making decisions.
The taxation of SCPI with credit: interest and particularities
Borrowing to buy SCPI shares is a commonly used strategy to benefit from leverage. The main tax advantage is the deductibility of loan interest from rental income: this interest reduces the taxable rental income and may, depending on the amount, generate a deductible deficit.
This arrangement is particularly interesting if your marginal tax rate is high or if the SCPI generates significant rental income. In practice, credit also allows you to build wealth faster while optimizing personal cash flow (the rents paid by the SCPI partially offset the loan repayments).
However, there are risks: the enjoyment period, the volatility of the share price, and the possible insufficiency of dividends to cover repayments may require a cash effort. In addition, some wrappers (life insurance including SCPI shares) do not allow interest deduction; the financing structure must therefore be chosen carefully.
Specific tax schemes related to tax SCPIs
Tax SCPIs are designed to provide shareholders with tax benefits linked to real estate schemes (Malraux, Denormandie, land deficit, etc.). In 2025, the Pinel scheme is discontinued for new subscriptions, which changes the available offer and the strategy of existing Pinel SCPIs.
Malraux SCPIsallow a tax reduction in return for restoration work in protected areas.
Denormandie SCPIsrely on the renovation of old housing in eligible zones to provide a tax reduction.
Land deficitcan result from major works and reduce income tax within the regulatory limit (e.g., specific deduction ceiling on total income for certain expenses).
These schemes impose constraints (commitment duration, eligibility conditions, tax caps) and should not be the sole motivation for an investment. Always check the SCPI’s tax notice, required commitment duration, and actual impact on your tax before subscribing.
How to choose the SCPI suited to your profile and objectives?
Choosing the right SCPI requires a clear methodology: start by defining your objectives (generate regular income, prepare for retirement, optimize taxation, target capital gains) and your investment horizon. Your risk profile (conservative, moderate, dynamic) will determine the type of SCPI to prioritize: yield, tax, thematic, or diversified.
Then, analyze quantitative and qualitative elements: financial occupancy rate (FOR), carry-forward (financial resilience), share price trends, SCPI’s track record and capitalization, quality and location of the assets, as well as tenant profile. These indicators help estimate income stability and the probability of capital gains.
Finally, compare fees (subscription, annual management, resale) and assess the impact on your net return. A lower entry ticket makes access easier, but fees may erode short-term returns. Adapt your choice to your horizon: fees are less penalizing for long-term holding.
The importance of the management company and transparency
The management company is at the heart of performance: its experience, investment strategy, teams (acquisition, management, asset management), and governance directly influence the quality of the portfolio and dividend distribution. Favor a management company approved by the AMF, with a clear track record and stable teams.
Transparency is crucial: check the frequency and quality of reporting (quarterly bulletins, annual report), communication on asset valuation (since 2024, some rules strengthen valuation frequency), and access to legal documents (bylaws, information memorandum, management report). A proactive company in information sharing is a sign of professionalism.
Also, consider the ESG policy if you take transition issues into account: investment in energy efficiency, renewable energy assets, or building renovation can improve long-term portfolio resilience.
Multi-SCPI approach: diversification and risk management
One of the best ways to reduce risk is to spread your investment across several SCPIs: sector diversification (offices, healthcare, logistics, residential), geographic (France vs. Europe), and strategy (yield vs. value). An allocation across 3 to 5 complementary SCPIs is often recommended to limit the risk specific to one company or sector.
Examples of approach: combine a French yield SCPI for current income, a European SCPI for geographic diversification, and a diversified or thematic SCPI for portfolio growth. You can spread subscriptions between direct investment, life insurance, and PER to optimize overall taxation.
Remember to regularly monitor your multi-SCPI portfolio: rebalancing based on relative performance, arbitrage in case of changes in management strategy, and reviewing your allocation if your objectives or tax situation change. Diversification does not exempt from monitoring: it is an active balance between stability and opportunity.
Investing in SCPI: practical steps and tips for success
Before any subscription, formalize your project: investment horizon, objective (additional income, transfer, tax optimization), risk tolerance, and available amount.
Then, make a structured comparison of targeted SCPIs using key indicators: occupancy rate (FOR), distribution rate, carry-forward, share price evolution, track record and capitalization, asset quality, and fees (subscription, management, resale).
Request full documentation (information memorandum, annual report, quarterly bulletin, tax notice). Check that the management company is approved by the AMF and that the SCPI publishes regular and transparent reporting.
Before finalizing, simulate the impact of fees and taxation on your net return. Compare cash purchase and credit purchase depending on your situation. If you opt for financing, prepare cash flow simulations over 5, 10, and 20 years.
Practical checklist before subscription:
Obtain the information memorandum and latest management reports;
Compare gross yield and net yield after fees and taxation;
Check the enjoyment period and resale conditions (secondary market);
Prepare the file: ID, proof of address, bank details, proof of funds’ origin.
Take the time to read the liquidity clause (secondary market or redemption by the company), and inquire about any mechanisms set up by the management company in case of market imbalance.
Finally, favor a progressive approach: testing a first SCPI with a modest amount allows you to learn how it works (dividend payment, resale delays) before expanding your exposure.
How to finance your SCPI investment?
Several financing options are available: personal contribution, dedicated real estate loan, integration of SCPI shares into a life insurance contract or PER, or split ownership (bare ownership/usufruct).
Credit is often used to benefit from leverage: it allows you to buy more shares than with savings alone, and interest is deductible from rental income (under conditions), which can optimize taxation.
Depending on your profile, compare loan types (amortizing vs. interest-only), duration, and rate: a long loan reduces monthly savings effort but increases total interest cost. Generally, an amortizing loan is preferable to limit risk.
Check the guarantees required by the bank: surety, collateral of life insurance contracts, CRELOG if you already own property, or mortgage on an unencumbered property. Each guarantee has a cost and implications to analyze.
If you opt for subscription through life insurance or PER, note that the tax leverage is different: integrating SCPI shares into a tax wrapper may improve inheritance tax and exit taxation, but does not allow interest deduction.
Monitoring and managing your SCPI investment over time
After subscription, organize regular monitoring: consult quarterly bulletins, the annual report, and publications from the management company. Monitor occupancy rate, distributed amount, and share price evolution.
Correctly declare your rental income each year (or opt for the micro-rental regime if eligible) and keep records (distribution certificates, account statements, tax documents provided by the management company).
Plan annual reviews: reassess your SCPI allocation, net performance, alignment with your wealth objectives, and taxation. In case of declining performance, analyze the causes before arbitrating.
To sell shares, anticipate liquidity: contact the management company, use the secondary market, or choose a favorable period. Resale may take several weeks to several months depending on the SCPI and market conditions.
Finally, think about diversifying your wrappers (different SCPIs, various tax envelopes) and document each decision to control the long-term tax and wealth impact.
Using a local Optimhome real estate advisor to succeed in your SCPI project
Investing in SCPI involves technical choices (fund selection, financial structure, tax optimization) and personal decisions. Relying on a local real estate advisor from the Optimhome network gives you real practical and human advantages.
Your Optimhome advisor knows investment opportunities in your local market: they can help you define a wealth strategy consistent with your objectives (income, transfer, taxation) and invest in high-potential properties.
Concrete advantages of support from your Optimhome real estate agent:
Personalized analysis of your project to buy a property or invest in SCPI;
Access to a network of partners (banks, brokers, accountants) to obtain loan simulations and tailored tax advice;
Real estate valuation, negotiation, and sales to achieve your profitability goals;
Access to quality real estate in exclusivity, including old residential, new developments, life annuities, prestige properties, commercial premises, investment buildings, and building or leisure land.
Using a local Optimhome advisor means benefiting from a local contact who combines wealth expertise with perfect knowledge of the regional real estate market. For a well-thought-out and secure SCPI project, request an appointment with a real estate advisor in your town or nearby.
Conclusion — 5 key takeaways
SCPI is an accessible collective real estate investment suited to a long-term wealth strategy: diversification, potential income, and delegated management.
In 2025, the market is stabilizing: compare distribution rates, occupancy, carry-forward, and fees to assess real performance.
Taxation (rental income, social contributions) and fees strongly impact net return: simulate before subscribing.
Financing with credit can improve performance through leverage and interest deductibility but requires rigorous cash management.
To optimize your choices (SCPI selection, financial structure, monitoring), get support from a local Optimhome real estate advisor for a personalized and secure project.
FAQ: frequently asked questions about SCPI real estate investment
What is an SCPI?
An SCPI (Société Civile de Placement Immobilier) is a collective investment vehicle that acquires and manages a rental real estate portfolio. The main categories are: yield SCPI (offices, shops, healthcare), tax SCPI (Malraux, Denormandie, land deficit), specialized/thematic SCPI (hospitality, seniors), and diversified or European SCPI.
What are the advantages of investing in SCPI?
Advantages include access to a diversified real estate portfolio without operational management, receipt of regular income, risk pooling, and the possibility of investing through different wrappers (cash, credit, life insurance).
What are the risks of SCPI investment?
Main risks are capital loss, limited liquidity (resale of shares can be slow), variation in rents and asset values, as well as risks linked to the management company. Fees can also reduce net returns.
How to finance the purchase of SCPI shares?
You can finance shares in cash, with credit (real estate loan dedicated to shares), through life insurance or PER, or via split ownership (bare ownership/usufruct). Credit provides leverage and interest deduction but requires careful cash management.
How is SCPI income taxed?
Dividends from SCPI are generally taxed as rental income: income tax according to the progressive scale plus social contributions (17.2%). Two regimes are possible: micro-rental (flat allowance) if conditions are met, or the real regime allowing deduction of expenses and loan interest.
Should I get support to invest in SCPI?
Yes: a wealth advisor or local real estate advisor can help you choose suitable SCPIs, structure financing, optimize taxation, and monitor your investment over time. Professional support reduces risk of mistakes and provides personalized solutions.
How much should I invest in SCPI?
There is no longer a legal minimum, but the entry ticket is often set by the management company, usually a few hundred euros per share. Ideally, invest according to your financial capacity, investment horizon, and wealth objectives (income, taxation, transfer).
SCPI or rental property: which to choose?
SCPI is ideal to invest without management (no tenants, works, or vacancies). Direct rental investment offers more control but requires time and management skills. It depends on your profile, taxation, and time available.
How to buy SCPI shares?
You can buy shares through a management company, a wealth management advisor, a bank, or an online platform. It is also possible to subscribe via a life insurance contract or a Retirement Savings Plan (PER), or with credit. A complete file will be required.
Are SCPIs a good investment?
Yes, if you choose SCPIs according to your objectives. They offer a good risk/return balance, especially long-term, with an average yield of around 4.5 to 5% in 2024. However, they involve risks of capital loss and liquidity to consider.
Where to invest in SCPI?
SCPIs invest in France, but also in Europe or internationally. Geographic diversification can reduce risks and offer lighter taxation. Prefer SCPIs well established in dynamic areas: major cities, business hubs, healthcare or logistics sectors.
Why invest in SCPI?
Investing in SCPI provides access to professional rental real estate with a low entry ticket, without management. It is a solution to diversify your portfolio, generate regular passive income, optimize taxation, or prepare for retirement.
Which SCPI to invest in for 2025?
In 2025, favor stable yield SCPIs, well-diversified, with a solid occupancy rate (FOR), strong carry-forward, and a clear strategy. Consult an Optimhome advisor for a choice aligned with your profile and market trends.
When to invest in SCPI?
The right time depends on your project. Ideally, target a long-term entry to spread entry fees and optimize profitability. In a stabilization period like 2025, opportunities may be interesting in the medium term.
Which wrapper to invest in SCPI?
You can invest in SCPI directly (cash or credit), through a life insurance contract, a PER (Retirement Savings Plan), or split ownership. Each wrapper offers specific tax advantages to analyze based on your wealth objectives.
Which life insurance to choose for investing in SCPI?
Choose a multi-support life insurance contract offering a wide range of SCPI in unit-linked investments. Check management fees, the quality of SCPIs offered, and payment flexibility. An Optimhome advisor can guide you toward a contract suited to your profile.
Author of the Publication
Fabrice DOBROWOLSKI, Network Development Director at Optimhome
“Benefit from my expert advice, based on many years of experience in the real estate sector, to ensure the success of your buying or selling project.”
