An old apartment purchased under the Pinel scheme in 2023, sold three years later with poorly anticipated taxation: this scenario is frequently encountered in the files of eager investors. Real estate investment in 2024 is no longer just about choosing between new and old. Tax rules are changing, the rental market is tightening, and the decisions to be made before signing are shifting in nature.
End of the Pinel scheme and new private landlord status: what changes for real estate taxation
The Pinel scheme will no longer apply to new investments starting January 1, 2025. Only commitments made before December 31, 2024, will retain their benefits, provided that the rental durations, rent ceilings, and tenant resource ceilings are respected.
The 2026 finance law introduces a new private landlord status (Jeanbrun scheme, housing recovery plan), which came into effect on February 21, 2026, and will be applicable until December 31, 2028. This status allows for depreciation of up to 80% of the acquisition price in unfurnished rentals, with an annual rate between 3% and 5.5%.
Depreciation ceilings range from 8,000 to 12,000 euros per year depending on the type of rent. The trade-off is significant: a rental commitment of at least 9 years, along with rent and resource ceilings.
Moreover, all depreciation is reintegrated into the calculation of capital gains in the event of resale. This point radically changes the decision-making between unfurnished and furnished rentals, and encourages early consideration of the holding period. Before committing, it is recommended to consult Le Top Immobilier for investing with a clear vision of the available structures.
Rental profitability and rent control: simulate before buying
Rent control, currently being tested in several metropolitan areas, is under discussion for a two-year extension after November 2026. For an investor, this means that the theoretical rent displayed in an advertisement is not always the applicable rent.
In practice, there are significant discrepancies between the gross yield announced by a seller or developer and the actual yield once the ceilings are applied. Before buying, one must:
- Check if the target municipality applies rent control and consult the increased reference rent for the type of property targeted
- Factor in the actual rental vacancy in the area, which varies greatly between tight zones and medium-sized cities
- Simulate the net cash flow after expenses, property tax, borrower insurance, and property management, not just the gross yield
The gross yield says nothing about the actual profitability of a rental investment. A property advertised with a good yield in a controlled area can become unprofitable if all regulatory constraints are not taken into account.
Buying strategy in the old market: energy sieves and renovation work
Gradual restrictions on renting properties with low energy performance create a specific market segment. Properties rated F or G on the energy performance certificate (DPE) are often negotiated below market price, sometimes with a notable discount.
The opportunity exists, but it relies on precise calculations. The cost of energy renovation work must be weighed against the expected revaluation of the property (upgrading to D or C) and the potential rent gap after renovations. It is noted that MaPrimeRénov’ aids can cover part of the renovation budget, but they do not cover all items, and the payment delays extend the necessary cash flow.
Points of caution on a purchase with renovation
A property to renovate requires time and management. Feedback varies on this point depending on the complexity of the project and the responsiveness of local craftsmen. Before signing, three elements should be checked: the structural diagnosis (not just the DPE), the technical feasibility of interior or exterior insulation, and the compatibility of the project with local urban planning rules.
Buying an energy sieve without a detailed quote is akin to betting on an unknown budget. The gain at resale or in rent only materializes if the actual cost of the work remains within the planned envelope.
Real estate market 2024-2025: volumes up, caution on prices
The old real estate market has seen a rebound in transaction volumes in recent months, but the dynamics remain fragile. The old market is rebounding while new housing continues to decline, according to several back-to-school analyses. The interest rate context, even with slight easing, continues to weigh on households’ borrowing capacity.
For an investor, this means that negotiation margins on old properties remain open, especially for properties requiring work or located in areas where rental supply has collapsed since 2019. The scarcity of rental supply in certain metropolitan areas supports rents, but the controls limit increases in the affected zones.
Real estate credit and financing strategy
Resorting to credit remains the main lever for rental investment. With rates still higher than those of 2021-2022, simulating monthly cash flow becomes even more crucial. A project profitable at a 3% rate can become neutral or unprofitable at 4%, especially for small units in controlled areas.
Two parameters to closely monitor: the maximum debt ratio (capped by the HCSF) and the loan duration, which directly affects the monthly payment and thus the monthly savings effort.
The real estate market of 2024-2025 rewards investors who calculate before visiting, not the other way around. Between the end of the Pinel scheme, the arrival of the private landlord status, and the potential extension of rent control, each acquisition requires a tax and asset arbitration based on real figures.
