In the first half of 2023, the three main categories of publicly accessible real estate funds recorded a net inflow of €4.1 billion, showing a decline of 53% compared to the same period in 2022. This decrease was mainly due to a slowdown in the collection of unit-linked products, such as OPCI and sociétés civiles, which faced an increase in redemption requests as property asset values adjusted throughout the year. SCPI funds also experienced a rise in redemption requests, leading to a decrease in net subscriptions, as reported by Aspim.
The current economic context and recent interest rate increases by the European Central Bank to combat inflation have resulted in a downward adjustment of property prices in Europe. However, ISR labeled funds managed to collect €2.6 billion in the first half of 2023.
As of June 30, 2023, the 75 publicly accessible ISR labeled funds represented 47% of the net inflow and 52% of the total capitalization of non-listed real estate funds in the first half of the year.
Regarding SCPI funds specifically, their net inflow for the first half of 2023 amounted to €4.1 billion, which marked a decline of 23% compared to the same period in 2022. The net inflow for the second quarter of 2023 decreased by 28% compared to the first quarter of the same year and by 35% compared to the first quarter of 2022. However, there was notable growth in the secondary market for SCPI fund shares, with €1,070 million of shares exchanged, representing a 32% increase compared to the second half of 2022. The market turnover rate reached 1.2% for the semester, higher than the 0.8% average turnover rate in 2022.
