The mechanism
Property crowdfunding connects operators, developers, traders, who need funds with private investors through platforms authorised by the financial markets regulator. The operator presents the project on the platform. Investors lend sums, generally from 1,000 € to several tens of thousands, remunerated at a fixed annual rate of 8 to 12 % over 12 to 36 months. The funds are repaid at maturity, when the project is sold.
The types of property crowdfunding
| Debt crowdfunding, through bonds | The most common. The investor lends money by buying bonds. A fixed return, capital repaid at maturity. No share in the capital gain. |
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| Equity crowdfunding | The investor takes a share in the operating company and participates in the profit, and in the loss. |
| Rental crowdfunding | The investor buys fractions of an income-producing property and receives a share of the rent. |
The principal French platforms
| Homunity | One of the oldest platforms, focused on residential development. |
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| Anaxago | Multi-asset, property and start-ups. Higher tickets, selective projects. |
| Fundimmo | Strong growth, a wide range of projects. Regulator authorised. |
| Koregraf | Specialised in residential and commercial development. |
| Bricks.co | Rental crowdfunding: investment from 10 € in fractions of property. |
How projects are selected
- The operator's experience: at least two or three operations successfully delivered.
- The level of pre-sales: ideally 30 to 50 % of turnover secured before the raise is launched.
- The quality of the appraisal: a minimum margin of 8–10 % of turnover, with contingencies included.
- Security: a first charge on the land, a personal guarantee from the director, a completion guarantee in place.
- Planning permission: obtained and free of challenge, on the most rigorous platforms.
The risks to know
| Loss of capital | If the developer fails, the investor may lose all or part of their capital. The charge over the land does not always cover the whole investment. |
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| Late repayment | Frequent: a project planned over 18 months can run to 30. The capital is then tied up for longer. |
| Liquidity risk | The bonds are not listed. It is impossible to sell before maturity. |
| Concentration | Investing too large a share of one's assets in a single project multiplies the exposure. |
ℹ Key figures for the French market in 2025 Property crowdfunding raised: 845 M€ across 1,004 projects, against 861 M€ and 1,139 projects in 2024 · Share of the total crowdfunding raise of 1,763 M€: 47.9 % · Average gross yield: 11 %, against 10.6 % in 2024 · Delays beyond six months: 25 to 30 % of projects · Projects in insolvency proceedings: 20 to 25 % · Roughly one project in two shows significant difficulty.
Using it intelligently
For a developer, crowdfunding is a supplement to equity, not a substitute for bank credit. It is particularly useful for funding the start-up phase, design work, planning, land charges, before the bank is in a position to open the development facility. The golden rule: never depend on crowdfunding alone to finance an operation.
Related articles: The development loan · Financing a property project
The market data comes from the 2025 French crowdfunding barometer. Past returns are no guide to future returns. Consult a financial adviser before any investment.
The nature of the figures quoted
The percentages and amounts quoted on this page are orders of magnitude for framing, not measurements. They illustrate mechanisms and proportions, and they substitute neither for a tender exercise nor for an estimate prepared on drawings.
Sources: the BT construction cost indices published monthly by INSEE on its 2010 base, used to update the figures · construction cost statistics from SDES, the statistical service of the ministry responsible for construction · regulatory texts published in the Journal officiel and consolidated on Légifrance for the requirements cited.