The healthcare real estate market in France

According to CBRE Research, prime yields on healthcare real estate in France have been stable since the first quarter of 2024. In the fourth quarter of 2025 they range from 5.00% for care homes (Ehpad) to 5.25% for psychiatric and rehabilitation (SMR) clinics, and 5.50% for medicine, surgery and obstetrics (MCO) clinics. The slight rise in long-term rates has stopped healthcare real estate from benefiting from the fall in policy rates.

Yes. According to CBRE Research, care homes (Ehpad) attracted over €250 million of investment in France in 2025, in 10 transactions, against 4 the year before. Two sale-and-leasebacks account for more than half of this volume: the sale of a 13-asset portfolio by Emeis to LeadCrest Capital Partners and that of 3 assets by Clariane. Two Île-de-France care homes of over 100 beds each also changed hands, a sign that liquidity is returning to healthcare real estate in France.

According to the Drees (the French health and social statistics office), France has about 7,400 care homes (Ehpad) at the end of 2023, offering 609,970 installed places, of which 586,990 for permanent accommodation. The 10,400 accommodation facilities for older people offer 756,000 places in total, 81% of them in Ehpad. The number of Ehpad places is flat compared with 2019 (−0.1%), which limits the number of assets available for healthcare real estate in France.

Private operators weigh heavily in healthcare real estate in France: according to the Drees, large care home groups own 56% of commercial Ehpad, or 13% of all Ehpad in 2022. Clariane sold or closed 45 facilities against 33 openings in the twelve months to end of June 2026, according to Le Moniteur des travaux publics et du bâtiment (the French construction trade paper). On the buyer side, CBRE Research observes the rise of private equity funds and foreign property companies in 2025, where SCPI property funds used to dominate.

Three trends mark healthcare real estate in France. Operators are selling their buildings: according to CBRE Research, SCPI funds and operators should remain net sellers in 2026. Renovation is overtaking construction: according to Le Moniteur of October 2026, Clariane is slowing care home openings, and external insulation costs €200,000 to €500,000 per project, borne by the owner. Finally, according to L’Argus de l’assurance (the French insurance trade paper), France would have 8.9 million people aged 80 or over in 2070, against 4.3 million in 2026.

A PDF report in French, 2026 edition, organised in six chapters: healthcare real estate assets and scope, investment and yields, demand for care and accommodation, operators and investors, regulation and technical constraints, market outlook.

Drees statistics, publications by property advisers such as CBRE, communications from operators and property companies, and trade press articles from the IndexPresse database. Every figure comes with its source and period.

Yes. The study is updated before it is sent, within 48 hours at most: it includes the latest published data, and every figure comes with its source and period.

Investors, SCPI funds and property companies, care home and clinic operators, developers and builders, local authorities, and the bankers, advisers and consultants who need to understand healthcare real estate in France.

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