REITs: A Credible Investment, but Still Misunderstood by Savers

An Uncertain Environment Weighing on Savings Decisions

This is one of the main findings from the second edition of the « Investments & SCPI » barometer published by Norma Capital in partnership with Occurrence-IFOP. The survey, conducted from February 26 to March 9, 2026, among 1,550 potential investors, including 1,050 primary profiles with investment capacity and 500 younger profiles, shows that the current context heavily impacts asset allocation decisions. According to the barometer, 80% of respondents state that the economic environment influences their investment decisions. In this context, 27% of the primary profiles say they are refocusing on investments deemed safer and more stable, such as real estate or savings accounts.

A Persistent Gap Between Awareness and Ownership

This shift towards caution does not mean that investment choices are becoming any simpler. On the contrary, the barometer highlights a persistent gap between the reported knowledge of investments and their actual ownership. Respondents claim to know on average five types of investments, but only hold 2.6. More broadly, only about four out of ten investors correctly understand the relationship between investment duration and risk level, a point that is crucial for long-term products.

REITs Benefit from Real Estate's Positive Image

SCPI exemplifies this challenge well. They benefit from the positive perception associated with real estate, viewed by more than eight out of ten respondents as a concrete and tangible asset. Real estate remains linked to the possibility of generating regular income, being a form of safe haven, and having long-term value appreciation potential. However, this favorable perception is not enough to overcome the specific barriers associated with SCPIs.

Limited Recognition

According to the published data, 25% of the main profiles claim to know about SCPI (Sociétés Civiles de Placement Immobilier), but only 7% own them. Among the younger profiles surveyed, awareness drops to 20% and ownership to 5%. Therefore, the issue is not just the appetite for real estate; it also concerns understanding the product, its workings, its risks, and its subscription terms.

Education Becomes the Main Challenge

The barometer thus indicates that the primary obstacle identified is no longer just distrust, but a lack of understanding. Nearly a third of respondents feel they do not adequately understand how REITs operate. This difficulty is even more significant given that the criteria for choosing an investment remain very concrete: investors emphasize the regularity of income, liquidity, and the predictability of returns.

A Long-Term Product That Needs Better Explanation

For asset management companies, the challenge is less about convincing people of the theoretical appeal of real estate and more about clearly explaining what an SCPI entails: a collective real estate investment, subject to market fluctuations, with a long investment horizon, non-guaranteed liquidity, and uncertain income. The renewed credibility of new sector players, deemed credible by nearly two-thirds of surveyed investors, does not eliminate the need for educational efforts.

A Genuine Interest, but Still Dependent on Understanding

When asked what would make real estate investment trusts (REITs) more attractive, respondents first mention education, followed by yield, security related to rental risk, and communication. The message is clear: in a savings market that has become more cautious, REITs have a foundation of interest, but their growth will depend on their ability to be better understood before being more widely subscribed.