A real estate project initiated in 2024 cannot be managed with the benchmarks of 2022. Credit rates have significantly increased over the past two years, the volume of transactions has declined nationwide, and several tax schemes have been restructured or replaced. Understanding these mechanisms allows for calibrating a purchase, a rental investment, or a renovation without being subject to the market’s timing.
Energy performance diagnosis and property value
The energy performance diagnosis (DPE) now directly affects the selling price. Properties classified as F or G, often referred to as thermal sieves, experience a depreciation upon resale because banks incorporate the cost of renovation work into their solvency analysis.
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For a buyer, this constraint opens up a negotiation lever. A poorly rated property in a city like Bordeaux or Saint-Étienne can be acquired with a significant price margin, provided that the costs of energy renovation work are precisely budgeted before signing the preliminary agreement.
For sellers, conducting an energy audit before putting the property on the market and undertaking targeted work (attic insulation, heating system replacement) can improve the rating by one or two classes. An improved DPE before sale reduces transaction times and limits late renegotiations.
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For those wishing to delve deeper into the sector’s dynamics, exploring real estate on Maison Créa provides a useful overview of project types, from residential purchases to rental investments.
Financial setup in 2024: Expanded PTZ and Jeanbrun scheme
The Zero-Rate Loan (PTZ) has been expanded in 2025 to finance up to 50% of the total acquisition cost depending on income, household composition, and location. For a project launched as early as 2024, anticipating this change in the financing plan alters the credit structure: the portion borrowed at zero interest mechanically reduces the total interest cost over the loan’s duration.
The Jeanbrun scheme for rental investment
Created by the 2026 finance law and in effect since February 21, 2026, the Jeanbrun scheme allows private landlords to amortize 80% of the acquisition price of a new or renovated property. The commitment involves a bare rental for at least nine years, and the mechanism applies without zoning until December 31, 2028.
This absence of zoning represents a true break from previous schemes like Pinel, which concentrated benefits in tight zones. An investor can now target medium-sized cities in France (Limoges, Pau, Perpignan) where gross rental yields remain higher than those in major metropolitan areas.
Three criteria to check before committing to a Jeanbrun setup:
- The property must be new or have undergone significant renovation certified by a qualified professional
- The nine-year commitment is firm; an early resale leads to the recovery of the tax advantage
- The rent charged must remain within the ceilings set by decree, even in the absence of geographical zoning
Recovery of the new market: timeline and purchase strategy in VEFA
After the contraction of 2023-2024, building permits increased by nearly 20% in 2025, and the listings of new homes rose by nearly 10%. The delivery of new programs coincides with a recovery cycle, which alters the balance of power between developers and buyers.
A purchase in VEFA (sale in the future state of completion) signed in 2024 generally results in delivery between 2026 and 2027. During this construction period, payment requests are staggered, which limits cash flow pressure compared to a purchase in the old market with immediate renovation work.
Points of caution regarding new programs
The supply of new housing remains concentrated in certain areas. Metropolises where rental demand is strong (Lyon, Bordeaux, Nantes) absorb programs quickly. In other cities, unsold stock weighs on prices and opens up negotiation margins with developers.
Before reserving a lot, check the financial guarantee of completion from the developer and compare the price per square meter with recent resales in the same neighborhood. A significant price gap between new and old properties in the same area may signal a risk of overvaluation of the program.
Rental management and balancing between unfurnished and furnished rentals
The choice of rental regime determines the net profitability of an investment. Furnished rental (LMNP) offers a tax framework that allows for the amortization of furniture and the property, thus reducing taxable income. Unfurnished rental, combined with the Jeanbrun scheme, proposes a different logic focused on the amortization of the acquisition price.
The balance depends on three factors:
- The location of the property: in university or tourist cities, the demand for furnished rentals is structurally strong
- The management capacity: a furnished rental requires more frequent turnover and more active management than a long-term unfurnished rental
- The holding horizon: beyond nine years, unfurnished rental under Jeanbrun generates a higher cumulative tax advantage in most configurations
Property management can be delegated to a property manager, but management fees (usually calculated as a percentage of collected rents) must be included in the forecast to avoid disappointing net returns.
The real estate market of 2024 rewards buyers who master three technical levers: the DPE as a negotiation tool, the financial setup adapted to new schemes, and the choice of rental regime aligned with the holding duration. Each of these levers should be prepared before the first visit, not after.