REITs: Paper Real Estate Regains Its Strength
After two turbulent years, the real estate investment trust (REIT) market is showing signs of recovery. Capital is flowing in again, yields are stabilizing, and investors are rediscovering the benefits of REITs: a long-term, accessible, pooled, and tax-efficient investment. In an uncertain economic environment, REITs are becoming a cornerstone of wealth strategy once more.
The stability of real estate, the flexibility of a financial product
As the French seek to protect their savings against inflation and political instability, real estate investment trusts (SCPI) are emerging as a tangible and proven solution. They combine two qualities rarely found together: the stability of tangible real estate assets and the flexibility of a collective savings vehicle. Accessible from just a few hundred euros, SCPI allows investment in professional assets (offices, retail, healthcare, logistics, hospitality) without management constraints.
This combination—the solidity of real estate and the simplicity of a savings product—is precisely what makes it a benchmark asset tool, emphasizes Frédéric Augusto, CEO of Stellium Placement (Finzzle Group).
SCPI also attract investors through risk diversification: portfolios are distributed among various asset types and geographic areas, including in Europe. Unlike tax-reducing schemes (Pinel, LMNP, Denormandie, etc.), their legal and tax framework is stable, a major advantage ahead of the 2026 Finance Bill.
Resumption of Fundraising and Attractive Returns
Following a correction phase related to the interest rate hikes in 2023–2024, the market has stabilized. Share prices have been adjusted, making new investments more attractive. The result: net inflows surged by 29% in the first half of 2025, reaching 2.2 billion euros, according to ASPIM-IEIF.
This momentum is accompanied by an average yield of 4.72%, with many real estate investment trusts (SCPI) exceeding 5% to 6% for the most recent ones. In an environment where the Livret A savings account caps out at 1.7%, the comparison is striking.
"We are entering a beneficial phase of normalization, where stone-paper regains its role as an asset offering consistent returns and a hedge against inflation, » notes Frédéric Augusto.
Investors, having been burned by the volatility of financial markets, are returning to tangible investments. Especially as managers take advantage of falling real estate prices to acquire high-quality assets at adjusted values, laying the foundation for more sustainable future performance.
A Comprehensive Tool for Planning, Optimizing, and Transferring
Real Estate Investment Trusts (REITs) have become a multifunctional asset tool today. They allow individuals to prepare for retirement by creating a stable and regular supplementary income, particularly through credit strategies or bare ownership (discount purchase, deferred taxation, and eventual full ownership recovery).
From a tax perspective, they offer several optimization avenues:
REITs invested abroad benefit from bilateral tax agreements, which limit double taxation.
Those held within life insurance take advantage of reduced taxation on income and inheritance.
Fixed-capital REITs allow for arbitrage at the most opportune time, while variable-capital REITs enhance liquidity.
Finally, their flexible ownership structure makes them ideal for gradual transfer; the donation of shares is simple, divisible, and tax-efficient, avoiding co-ownership and the sale of physical assets.
"REITs are neither a rediscovery nor a niche product; they remain a historical cornerstone of wealth management, » notes Philippe Lauzeral, CEO of Finzzle Group. « When well-selected, they offer a clear and effective solution to major asset management challenges: generating income, protecting capital, and transferring wealth."
This content has been automatically translated using artificial intelligence. While we strive for accuracy, some nuances may differ from the original French version.
