Real estate crowdfunding in France: how it works, AMF figures, risks, regulation and tax

• A loan, not a property: you finance a developer's or property dealer's project, repaid at maturity if it sells as planned.
• A weakened sector: €1.46 billion raised in 2024 according to the AMF, down 22%, and €166.2 million of final losses, more than double 2023.
• Regulated protections: AMF-authorised platforms, a knowledge test, a warning above €1,000 or 5% of net worth, four days to reconsider.
• Diversify and limit: a single default out of ten projects can wipe out most of the interest.

Crowdfunding covers donations, lending and equity investment. In real estate, it is almost always loans or bonds: the investor does not own a home, they become a creditor of the company running the project.

The figures quoted come from the AMF, which authorises and supervises the platforms. For direct property investment, see our guide to buy-to-let investing in France.

How real estate crowdfunding works

1. A developer or property dealer presents a project to a platform, which selects it and sets the terms.
2. Investors lend, often from a few hundred euros, for a stated term of one to three years.
3. Interest is usually paid at maturity, with the capital, when the project is sold or refinanced.
4. If the sale is delayed, so is repayment; if the project fails, the capital can be partly or fully lost.

The contract often allows an extension. Announced guarantees, such as a mortgage or a personal guarantee, do not ensure quick repayment: recovery through the courts takes time and has a cost.

What the AMF figures show

Source: AMF, key figures 2024 for crowdfunding service providers, published in December 2025. The AMF also reports €652.2 million raised by companies in confirmed difficulty, in insolvency or conciliation proceedings, and fees amounting to 6.87% of the amount raised. On June 18, 2025, it published a warning on delays, defaults and the risk of the platforms themselves going out of business.

The risks to know

• Delay: the most common; money stays locked beyond the planned term, with no guarantee of extra interest.
• Capital loss: if the developer defaults, part or all of the sum can be lost.
• Illiquidity: it is usually not possible to sell your loan before maturity.
• Platform failure: several platforms have closed or been taken over, which complicates the follow-up of repayments.
• Concentration: a single project can weigh heavily if the money is not spread out.

Diversification: the effect of one default

Example with €10,000 spread across ten projects of €1,000, an assumed coupon of 9% a year over two years and a default with total loss, before tax:

Assumptions for illustration, not a forecast: a single default wipes out most of the gain, two turn it into a loss. Hence the value of spreading across many projects and several platforms, and of limiting crowdfunding's share of your wealth. See portfolio diversification.

Regulatory protections

Since the transition period ended in November 2023, platforms must be authorised as crowdfunding service providers under EU Regulation 2020/1503; in France, the AMF authorises and supervises them. Before investing, check the platform's authorisation in the AMF or ESMA register. A non-sophisticated investor takes a knowledge test and a simulation of their ability to bear losses, receives a warning when investing more than €1,000 or more than 5% of net worth, and has four days to reconsider and cancel.

Tax in France

Interest is taxed as investment income: in 2026, the French flat tax (PFU) of 31.4%, often withheld at source by the platform, unless you opt for the progressive scale. On a 9% coupon, a little over 6% remains after tax, before any losses.

Frequently asked questions