SCPI: Stabilization Continues, but the Market Remains Divided
The Ramify SCPI Index rose 1.06% in the second quarter of 2026, marking its fifth consecutive quarter of gains. This performance was driven almost entirely by rental income, while share prices remained flat and liquidity continued to vary widely from one fund to another.
In the second quarter of 2026, the SCPI market posted its fifth consecutive quarter of gains. According to the Ramify SCPI Index (RSCPI) published on August 4, the overall performance of the tracked funds stood at +1.06% over the three-month period, a level very close to that of previous quarters: +1.11% in the second quarter of 2025, +1.15% in the third, +1.02% in the fourth, and +1.0% in the first quarter of 2026. The consistency is striking, but it reflects less a clear-cut recovery than a methodical recovery.
This is because virtually all of this performance stems from rental income, not from a rise in asset valuations. The contribution from distributed income totaled +1.05% for the quarter, or 4.20% on an annualized basis, while the effect of share price movements was limited to +0.006%. In other words, investors receive their dividends, but their principal remains virtually unchanged. The contrast with the recent past remains striking: the average price appreciation had fallen to –3.67% in the first quarter of 2025 and to –2.87% in the third quarter of 2023.
The trend is now visible over twelve quarters. Between mid-2023 and the end of 2024, the decline in share prices steadily eroded overall performance, eventually pushing it into negative territory (–1.86% in the third quarter of 2023, –0.89% in the first quarter of 2024, –2.65% in the first quarter of 2025). Since the second quarter of 2025, the price effect has stopped destroying value without creating any new value: it has fluctuated between –0.01% and +0.05%. The market has thus found a floor, but has not yet found a catalyst for a rebound.
Rents Drive Performance
Breaking it down by sector, diversified SCPIs lead the pack, with a gain of +1.27% for the quarter. Their lead is not due to unit prices, which remained stable, but to higher distributions than those of other categories—the benefit of an allocation spread across multiple asset classes and geographic regions. Logistics followed with a gain of +1.22%, driven by +1.17% in distributed rents and a positive contribution from share prices. Next came hotels (+1.10%), retail (+1.09%), offices (+1.01%), residential (+0.98%), and healthcare (+0.92%).
There were a few isolated price increases. Sofidynamic raised its share price from 315 to 320 euros (+1.59%), and EDR Europa from 200 to 202 euros (+1.00%), both effective June 1. WEMO ONE, for its part, raised its price by 5% over the quarter. But these moves remain isolated and are not enough to alter the market hierarchy: the best-performing categories remain those that pay out the most.
Liquidity and financing: two key areas of concern
The quarter was also marked by several temporary suspensions of share price fluctuations, primarily among the long-established SCPIs. LF Grand Paris Patrimoine took this step on June 1, canceling subscription and redemption requests recorded in its ledgers and opening a secondary market, with the first trading session scheduled for July 31. Crédit Mutuel Pierre 1, Sélectinvest 1, Primovie, Patrimmo Croissance Impact, and Patrimmo Commerce have implemented similar measures. This does not indicate a general deterioration of the market, but serves as a useful reminder: liquidity remains highly variable across different investment vehicles, particularly for older funds facing an imbalance between withdrawal requests and new subscriptions.
Second point to note: the cost of capital. The European Central Bank raised its three key interest rates by 25 basis points on June 11, bringing the deposit rate to 2.25%, the refinancing rate to 2.40%, and the marginal lending facility rate to 2.65% as of June 17. For SCPIs, the effect is mixed: rising rates weigh on valuations and financing, but they also open up acquisition opportunities for funds with inflows or cash on hand. Newer funds, with little exposure to assets purchased before the 2022 shock, appear better positioned to invest in a market that has already adjusted.
The underlying market, meanwhile, is sending mixed signals of improvement. Investment in commercial real estate in France reached 6.6 billion euros in the first half of the year, up 9% year-over-year, with a particularly strong second quarter at 4.6 billion euros (up 84% compared to the second quarter of 2025). However, the Île-de-France region saw an 18% decline over the half-year. “The SCPI market is now more stable, but it remains highly selective,” summarizes Samy Ouardini, co-founder of Ramify. “Diversification, asset quality, and debt management remain critical to capitalizing on opportunities in the real estate cycle.”
