{"id":2604,"date":"2020-05-26T18:40:24","date_gmt":"2020-05-26T16:40:24","guid":{"rendered":"https:\/\/www.acecredit.fr\/fr\/actualites\/crise-sanitaire-quel-impact-sur-les-scpi_-n.html"},"modified":"2020-07-28T15:30:31","modified_gmt":"2020-07-28T13:30:31","slug":"crise-sanitaire-quel-impact-sur-les-scpi_-n","status":"publish","type":"post","link":"https:\/\/www.acecredit.fr\/fr\/actualites\/crise-sanitaire-quel-impact-sur-les-scpi_-n.html","title":{"rendered":"Crise sanitaire : quel impact sur les SCPI ?"},"content":{"rendered":"

L’investissement dans l’immobilier locatif n’est pas uniforme : les SCPI notamment ont gagn\u00e9 du terrain en affichant un rendement moyen de 4,51% en 2019. Leur r\u00e9colte au 1er<\/sup> trimestre 2020 ? Pr\u00e8s de 2,5 milliards d’euros ! N\u00e9anmoins, la crise sanitaire menace-t-elle la pierre papier ?<\/p>\n

La pierre papier impact\u00e9e par le Covid-19<\/h2>\n

Si les investisseurs injectent massivement dans les SCPI, c’est parce que les performances de leur rendement sont \u00e9lev\u00e9es et stables. Selon l’Institut de l’\u00e9pargne immobili\u00e8re, elles rapportent en moyenne 8,1%<\/b> sur 15 ans. Les investissements immobiliers locatifs les plus pris\u00e9s sont les bureaux (60% de la collecte de fonds), les commerces, les EHPAD et les h\u00f4tels.
\nN\u00e9anmoins, l’arriv\u00e9e du Covid-19 et le confinement ont chang\u00e9 la donne, avec une perte d’activit\u00e9 de 120 milliards d’euros<\/b> pour l’\u00e9conomie fran\u00e7aise selon l’OFCE. Certaines entreprises ont donc demand\u00e9 le report, la suspension ou m\u00eame l’annulation de leur loyer. Selon les experts, cela aura une incidence sur le rendement pr\u00e9vu des SCPI en 2020 avec une estimation inf\u00e9rieure \u00e0 4%<\/b>, voire m\u00eame 3,5%<\/b> dans le pire des sc\u00e9narios de reprise \u00e9conomique. Compar\u00e9 \u00e0 la r\u00e9mun\u00e9ration vers\u00e9e aux souscripteurs, cela repr\u00e9senterait un manque \u00e0 gagner de 9%.<\/b><\/p>\n

Des dividendes pr\u00e9serv\u00e9s ?<\/h2>\n

Les loyers impay\u00e9s devront \u00eatre support\u00e9s par les SCPI. Est-ce \u00e0 dire qu’elles verseront moins de dividendes \u00e0 leurs souscripteurs ? Pas tout de suite. Les SCPI abondent en r\u00e9alit\u00e9 un fonds appel\u00e9 \u00ab Report \u00e0 nouveau \u00bb constitu\u00e9 sp\u00e9cialement pour faire face \u00e0 de telles situations. Si la totalit\u00e9 des loyers n’\u00e9tait pas vers\u00e9e pendant 75 jours, la SCPI pourrait tout de m\u00eame distribuer des dividendes<\/b>. Ce qui signifie que la baisse des encaissements de loyers ne signifie pas de facto une baisse de rentabilit\u00e9.
\nAutre cons\u00e9quence : les investisseurs ont report\u00e9 voire annul\u00e9 leurs achats de parts sociales pour se tourner vers les livrets d’\u00e9pargne pourtant peu r\u00e9mun\u00e9rateurs, ce qui entra\u00eene le report de l’augmentation du prix des parts.<\/p>\n

Certaines SCPI moins impact\u00e9es que d’autres<\/h2>\n

La baisse des SCPI de bureaux est limit\u00e9e, le t\u00e9l\u00e9travail a jou\u00e9 pleinement son r\u00f4le. En revanche les SCPI de commerces subissent une baisse de 17%, les plus impact\u00e9es \u00e9tant les SCPI sp\u00e9cialis\u00e9es dans l’h\u00f4tellerie avec 40%<\/b> de baisse. Les SCPI du secteur de la sant\u00e9, de la logistique et r\u00e9sidentielles sont \u00e9galement moins touch\u00e9es. N\u00e9anmoins, ce sont les SCPI en nue-propri\u00e9t\u00e9 qui r\u00e9sistent le mieux<\/b>. Ce type d’investissement \u00e0 long terme ne g\u00e9n\u00e8re aucun dividende, c’est l’usufruitier, en g\u00e9n\u00e9ral un bailleur social, qui encaisse les loyers, c’est donc lui qui subit l’impact. En contrepartie, l’achat des parts sociales en nue-propri\u00e9t\u00e9 est d\u00e9cot\u00e9 de 30%<\/b>. Au bout de 10 ans, le nu-propri\u00e9taire r\u00e9cup\u00e8re son bien pour le vendre ou le louer \u00e0 son tour.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

La crise sanitaire n\u2019en finit pas de bouleverser l\u2019\u00e9conomie, impactant m\u00e9caniquement les investissements. C\u2019est le cas des SCPI alors qu\u2019elles sont relativement peu impact\u00e9es.<\/p>\n","protected":false},"author":4,"featured_media":2605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"\nCrise sanitaire : quel impact sur les SCPI ?<\/title>\n<meta name=\"description\" content=\"La crise sanitaire n\u2019en finit pas de bouleverser l\u2019\u00e9conomie, impactant m\u00e9caniquement les investissements. 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