The new housing market is undergoing a phase of reconfiguration. The end of the Pinel scheme at the end of 2024, the rise of the RE2020 standard, and the emergence of the LLI status (Intermediate Rental Housing): the parameters that have guided investment in new real estate for a decade have changed. For investors looking to secure their assets, the framework for understanding the market needs to be updated.
New real estate and regulatory obsolescence: a risk that the old can no longer ignore
The gradual ban on renting out the least energy-efficient homes is redefining the boundary between new and old. A property classified F or G under the energy performance diagnosis (DPE) is gradually becoming unlettable, which directly impacts its asset value.
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A new home compliant with RE2020 boasts a classification of A or B. This performance is not just a marketing argument: it protects against the risk of regulatory depreciation that weighs on an increasing share of the old housing stock.
Buyers comparing the two segments can consult the available programs at https://www.immobilierneuf1clic1toit.fr/, where offers are filtered by location and type of property.
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Beyond heating, new buildings incorporate solutions to increasingly frequent heat episodes: enhanced insulation, efficient ventilation, bioclimatic design. Summer thermal comfort is becoming a selection criterion for tenants, and unrenovated older homes struggle to compete in this area.
End of the Pinel scheme and new tax provisions: what remains after 2024
The disappearance of the Pinel scheme has removed the most well-known tax lever for rental investment in new properties. However, several competing pages continue to present it as an active advantage, which obscures the market understanding.
Two frameworks take over:
- The LMNP (Non-Professional Furnished Rental) remains accessible and allows for the accounting depreciation of the property, thereby reducing the taxable base of rental income. Its flexibility makes it suitable for both small units and service residences.
- The LLI (Intermediate Rental Housing) targets tight areas with capped rents, in exchange for benefits such as reduced VAT on purchase. This scheme, still little known to the general public, is aimed at investors willing to accept regulated rental yields in exchange for enhanced rental security.
- The so-called “Jeanbrun” scheme, which aims to encourage private landlords, complements this tax framework with targeted deduction mechanisms.
These three options do not all stack on top of each other, and their relevance depends on the investor’s tax profile, the type of property, and the geographical area. Field feedback varies on the actual yield of the LLI compared to the classic LMNP, particularly because rent caps weigh differently depending on local markets.
Rental tension and DPE ranking: why new properties rent faster
In metropolitan areas and university towns, rental demand exceeds available supply. A well-located new home generally rents out without prolonged vacancy periods.
The energy ranking plays an increasingly important role in tenants’ decisions. An A or B DPE reduces monthly energy costs, making the property more attractive at an equivalent rent compared to an older home classified C or D.
This rental attractiveness has a direct effect on net profitability. Less vacancy, less turnover, less downward negotiation on rent: new properties offer a predictability of income that older properties do not guarantee without significant renovation work.
Builder guarantees and reduced notary fees: the entry calculation
Buying new comes with specific guarantees that limit the risks associated with the construction:
- The ten-year guarantee covers structural defects for ten years after delivery.
- The two-year guarantee protects removable equipment (shutters, plumbing, radiators) for two years.
- The perfect completion guarantee obliges the developer to correct any reported issues within the year following acceptance.
These protections do not exist when purchasing an older property, except in cases of heavy renovation overseen by a project manager.
Notary fees represent another measurable difference at entry. In new properties, they amount to about 2 to 3% of the purchase price, compared to 7 to 8% in older properties. On a property at a comparable price, the gap frees up a significant amount that can be reinvested in the down payment or kept as cash.
New real estate investment in 2026: the limits to consider
The new does not escape certain structural constraints. Prices per square meter remain significantly higher than in older properties in equivalent locations, which impacts the initial gross yield.
Delivery times in VEFA (Sale in Future State of Completion) expose the buyer to a period without rental income, sometimes extended by construction delays. The gap between financial commitment and the first rental income perception must be integrated into the financing plan.
Moreover, the customization of the property remains limited in collective programs. The buyer chooses from options proposed by the developer, without the freedom of transformation that comes with an older property purchase with renovations.
Finally, the location of new programs does not always coincide with the most sought-after areas in the city center, where available land is becoming scarce. The trade-off between location and the technical performance of the building remains a tension that each investor must resolve according to their priorities.
The new real estate landscape has changed since the end of the Pinel scheme. It is no longer an automatic tax exemption product, but an asset whose value relies on regulatory compliance, energy performance, and the ability to meet the expectations of an increasingly selective rental market. The LLI and LMNP schemes offer viable tax frameworks, provided that the real conditions of application are assessed before committing.