Listed real-estate companies (SIIC): how to invest in France in 2026

Updated on 28 July 2026

A listed real-estate company, or SIIC in France, is a property company whose shares trade on the stock market: it offers liquid exposure to real estate, with no notary fees, while paying regular dividends. This guide explains how it works, how it is taxed and how to invest in 2026.

Key takeaways

• The listed real-estate company, or SIIC, is exempt from corporate income tax in exchange for distributing at least 95% of its rental income.
• Its shares trade on the stock market: liquidity is high, but so is volatility, as with any share.
• The minimum investment is low and buying shares involves no notary fees, unlike an SCPI (a French non-listed real-estate investment fund, comparable to a REIT).
• Outside a tax wrapper, dividends have been taxed at the 31.4% flat tax (PFU) since 2026; the SIIC has no longer been eligible for the PEA (a French tax-advantaged equity savings account) since 2011.

What is a listed real-estate company?

A listed real-estate company, or SIIC (société d’investissement immobilier cotée), is a company specialising in real-estate investment whose shares are listed on a regulated market. It is the French regime comparable to a REIT.

Along with real-estate ETFs, it is the only way to invest in property through the stock market.

Modelled on US REITs, the SIIC is exempt from corporate income tax on its rental income and on its capital gains from disposals. In exchange, article 208 C of the French General Tax Code requires it to distribute at least 95% of the exempt profits from rental income and 70% of the capital gains on property disposals (up from 60% before 1 January 2019).

In other words, unlike ordinary listed companies, investing in a listed real-estate company gives you a high probability of receiving dividends, provided the SIIC posts a profit for the year.

How does a listed real-estate company work?

In practice, a listed real-estate company works like other forms of paper property, the French term for indirect real-estate investment. 

The SIIC collects the funds contributed by investors when it is set up or when it raises capital. In exchange, subscribers (investors) receive shares carrying the right to dividends and the right to vote on decisions taken at the general meeting of shareholders. 

With the funds raised, the company pursues its corporate purpose: investing in various types of property according to its specialisation and its preferred geographic area.

The major difference between a listed real-estate company and other paper-property investments lies in the listing of its shares. An investor can therefore enter or exit the capital of an SIIC at will (provided, of course, that the market is liquid enough) through the secondary market.

The features of a listed real-estate company: for which type of investment?

Before going into the strengths of listed real-estate companies, here is a profile of this type of investment.

Backed by the performance of the underlying property, the SIIC has delivered historically variable returns, sensitive to equity market cycles. The high liquidity of its shares makes it viable as a medium-term investment. Along with real-estate crowdfunding, it is one of the shorter-horizon ways to invest in property; the other paper-property options (SCPI, sociétés civiles de placement immobilier, and OPCI, French collective real-estate investment vehicles) are better suited to horizons beyond 10 years.

Good to know : French property tax incentives often grant their benefits in exchange for charging capped rents. Depending on the circumstances, the tax reductions can come at the cost of a lower return.

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What are the advantages and drawbacks of listed real-estate companies?

Listed property companies have plenty going for them for investors looking to diversify a financial portfolio with real estate. Their first appeal lies in how their income is taxed outside a tax wrapper.

The minimum investment is also low, and buying the shares is not subject to notary fees, as SCPI units are.

The attractive tax regime of the SIIC

The SIIC enjoys a particularly favourable tax regime.

At company level, taxable profits are exempt from corporate income tax (unlike ordinary listed companies). With the standard corporate tax rate at 25% of profit (since 2022), the slice left to distribute to shareholders would otherwise be much smaller. 

So by investing in an SIIC, you avoid this first layer of taxation.

For the investor, the dividends paid by the SIIC count as investment income. Two tax regimes are available:

• opting for the progressive income tax bands (+ 18.6% social contributions) with a 40% tax allowance
• the default regime: the 31.4% flat tax (PFU, prélèvement forfaitaire unique), of which 18.6% is social contributions 

For dividends, the flat tax is far more favourable to high earners than the tax-transparency regime of SCPIs or FPIs (fonds de placement immobilier, French real-estate investment funds). Being taxed at a flat 12.8% will in many cases work out better for you if your taxable income exceeds €25,000 a year.

A low entry cost and an accessible minimum investment

Investing in property directly or through an SCPI means a significant entry cost. 

Buying SCPI units carries subscription fees generally between 8% and 12%. If you invest in a new-build property, notary fees drop to 2%, but you still have to pay 20% VAT...

In short, these entry costs specific to real estate weigh heavily on your short-term return.

Investing in an SIIC, by contrast, involves no entry fee at company level. Shares are bought freely, with no notary involved. At most you may be charged a brokerage commission, depending on how you buy the SIIC shares.

On accessibility, the minimum investment in an SIIC is arguably the lowest on the market. A share in a listed real-estate company can cost anywhere from a few euros to several hundred, depending on the company. That is a long way from a direct buy-to-let investment of more than €100,000... 

A discount to the company’s net asset value (ANR, actif net réévalué)

Unlike many listed companies, the shares of most SIICs trade below the value of the property assets they hold. In other words, you can gain exposure to a property portfolio whose book value is higher than the market value of its shares.

Finary’s view: This gap can be an opportunity, but make sure it is not justified by a risk premium tied to an illiquid market or to other risks you have not anticipated.

You cannot use a mortgage to invest in a listed real-estate company

The main drawback of the SIIC is that you cannot borrow through a mortgage to invest. Yet a mortgage is arguably what makes property investment so attractive, because it boosts the return through leverage.

You therefore have to settle for a lower return than on SCPI units bought on credit.

How to buy shares in listed real-estate companies

To invest in an SIIC, you can use a tax wrapper such as life insurance or a capitalisation contract, or a securities account (CTO). Unfortunately, SIIC shares have no longer been eligible for the PEA (plan d’épargne en actions) since 2011.

Beyond any estate-planning considerations, the choice of wrapper mainly comes down to the tax treatment of the income generated by listed real-estate companies.

Investing in an SIIC through a securities account (CTO)

The securities account is the wrapper that lets individuals invest in a wide range of financial assets, including listed real-estate companies.

Since the CTO carries no tax advantage, life insurance can be a tax alternative through unit-linked funds, provided the policy offers listed real-estate companies. Apps such as Finary let you track the performance of your listed real-estate companies alongside your other property and financial assets.

Investing in an SIIC through life insurance or a capitalisation contract

Some life insurance or capitalisation contracts let you invest in listed real-estate companies. Check carefully that at least several such companies appear in the list of available investment options.

The main advantage of life insurance and the capitalisation contract lies in how withdrawals are taxed from the 8th year onwards. Gains generated by listed real-estate companies are then taxable at a flat 7.5% (against 12.8% under the flat tax) after a tax allowance of €4,600 (€9,200 for a couple). 

Good to know : to estimate the tax on a withdrawal from your life insurance policy, you can use Finary’s life insurance simulator.

Investing in a listed real-estate company by specialisation and geographic area

To help you choose, here is a non-exhaustive list of listed real-estate companies. If you plan to build a diversified financial portfolio, diversification is a widely accepted management principle: spread across several stocks, preferably with a different specialisation and a different geographic area.

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Frequently asked questions

What is a listed real-estate company?

A listed real-estate company is a société d’investissement immobilier cotée (SIIC), the French regime comparable to a REIT. It lets you invest in property assets through the stock market, via a specialised vehicle whose shares trade on an exchange.

Can you hold SIIC shares in a PEA?

The SIIC has no longer been eligible for the PEA since 2011. For property exposure inside a PEA, you can look at eligible synthetic real-estate ETFs, or hold your listed real-estate companies through a securities account or a life insurance policy.

How are dividends from a listed real-estate company taxed?

Outside a tax wrapper, dividends from a listed real-estate company have been subject to the 31.4% flat tax (12.8% income tax and 18.6% social contributions) since 1 January 2026. By election, the progressive income tax bands with a 40% tax allowance remain available.

What is the difference between a listed real-estate company and an SCPI?

The listed real-estate company is a share traded on the stock market, highly liquid and free of notary fees, whereas the SCPI is an unlisted unit with a longer horizon and high subscription fees. In exchange, the SIIC is exposed to equity market volatility.

Sources

Service-public.fr, savings and investment income: flat tax rate

Economie.gouv.fr, how the flat tax (PFU) works

Légifrance, article 208 C of the French General Tax Code: the SIIC regime

BOFiP, the distribution regime for SIICs

Service-public.fr, taxation of life insurance withdrawals and the allowance after 8 years