VINCI IMMOBILIER
A leading player in land recycling, VINCI Immobilier primarily operates in areas that have already been urbanised or where the soil has already been sealed, in France, Monaco and Poland. It is active in the residential market (housing and serviced residences), business property market (offices, hotels, other commercial premises and third places) and large urban redevelopment programmes. Back in January 2022, VINCI Immobilier became the first property developer to pledge to reach no net land take in France by 2030.
Developed as part of a land recycling project carried out with Brownfields, this second Bikube co-living residence, in Montpellier, was handed over in May 2025.
Located in the heart of the Universeine development, the Campus Maxwell in Saint-Denis (north of Paris), created in synergy with VINCI Construction, was handed over to the French Ministry of the Interior in late 2025. After accommodating 5,800 athletes during the Paris 2024 Olympics and Paralympics, the site welcomed its first residents.
Located in the Marseille Provence airport, the Aequatio project will include a high-tech business campus.
Net income totalled €10 million in 2025, driven by VINCI Immobilier’s restructuring and repositioning efforts over the past two years.
Along with the wider property development market, VINCI Immobilier faced headwinds in France as economic and political uncertainty dampened demand from individual homebuyers as well as institutional investment. The residential market remained under pressure, as supply was hampered by the upcoming municipal elections in 2026, and demand continued to suffer from high interest rates, changes to the tax regime for non-professional furnished-property landlords and the phasing out of the Pinel tax incentive scheme, which has been replaced by a new framework for private buy-to-let investment. Business property continued to suffer from the rise in capitalisation rates, persistent investor caution and high vacancy rates outside city centres.
Nevertheless, new opportunities are starting to emerge as construction costs have levelled off and land prices have begun to stabilise – and even fall slightly. Interest-free loans in France led to an uptick in demand from eligible first-time homebuyers, and this segment became one of VINCI Immobilier’s main revenue streams, along with bulk sales to social housing organisations.
Total revenue, as a result, amounted to €1.1 billion in 2025, broadly stable compared with 2024, driven in particular by strong bulk sales, higher sales of primary residences to first-time homebuyers and solid business performance outside France. In France, the In’Clusive offering, launched by VINCI Immobilier in 2024 to support social housing organisations, met with healthy demand in its target market. With regard to the environment, VINCI Immobilier continues to strive for its no net land take target for all its property development projects in France by 2030. It derived 59% of its 2025 revenue from land recyc ling, in particular by revamping urban brown-fields and rehabilitating obsolete buildings.
FRANCE
Residential property
The number of reserved homes totalled 4,509 units, down 7% compared with 2024, despite a 9% increase in bulk sales to social housing organisations and institutional customers. Individual home sales fell by 23.8%, reflecting a very significant drop in private investment, which the recovery in demand from first-time homebuyers only partially offset.
In 2025, work began on 4,310 units (11.3% more than in 2024) as VINCI Immobilier continued rebuilding its property portfolio following strict selection criteria suited to the new market conditions.