Real estate investment in 2024 is defined by a rapidly changing regulatory context: the end of the Pinel scheme, a timeline for banning rentals of energy-inefficient properties, and stricter rules on short-term rentals. Every purchasing decision must incorporate these parameters even before considering the displayed gross yield.
Energy Performance Diagnosis and Rental Value: the Criterion that Gross Yield Does Not Show
The energy performance diagnosis now conditions the ability to rent a property. As of January 1, 2025, properties classified as G can no longer be offered for rent in the cases provided by the regulations. Class F will follow in 2028, and class E in 2034.
This progression transforms the DPE classification into a liquidity criterion, not just a cost item. A property classified as F purchased in 2024 without sufficient renovation budget risks becoming un-rentable even before the end of a typical ten-year holding cycle.
Before calculating a rental yield, one must estimate the cost to reach at least class D, then incorporate this amount into the actual acquisition price. A property listed at a low price due to a poor DPE is only an opportunity if the energy renovation work remains financially manageable. To delve deeper into real estate investment on Immo Saga, this logic of balancing purchase price and compliance costs should be established from the market study stage.
End of the Pinel Scheme: Investing Without a Dedicated Tax Scheme
The Pinel scheme ended on December 31, 2024. No new investments can benefit from it since 2025. Tax reduction rates had already been lowered for investments made in 2024 compared to previous years.
Building a strategy solely on the tax advantage was already fragile. The disappearance of the Pinel scheme forces a refocus on the fundamentals: location, rental pressure, quality of the building, condominium charges, potential for appreciation upon resale.
Alternative Schemes Still Accessible
Other tax mechanisms remain in effect, even if they do not cover the same scope:
- The Denormandie scheme, targeted at older properties with renovations in certain eligible municipalities, allows for a tax reduction under conditions of renovation and rent ceilings.
- The LMNP status (non-professional furnished rental) retains its depreciation regime, which reduces the taxable base of rental income without geographical limits.
- SCPI (real estate investment companies) offer exposure to the real estate market without direct management, with entry tickets more accessible than direct purchases.
The choice between these options depends on the tax profile of each investor, their borrowing capacity, and their holding horizon. An LMNP in a tight area does not have the same risk profile as a diversified SCPI across several European markets.
Short-Term Rentals: A Regulatory Framework Tightened by the Le Meur Law
Law No. 2024-1039 of November 19, 2024, strengthens the powers of municipalities over short-term rentals. It imposes new registration obligations and constraints related to the DPE for tourist accommodations.
On the tax side, the micro-BIC allowance for unclassified tourist accommodations is set at 30% with a revenue ceiling of 15,000 euros for income received from 2025 onwards. Therefore, the net profitability of a seasonal rental must be recalculated with these new parameters.
An investor who relied on Airbnb rentals to increase their rental income faces a double risk: regulatory (the municipality can restrict or prohibit the activity) and fiscal (the net margin decreases). Long-term furnished rentals are becoming competitive in many configurations, particularly in medium-sized cities where rental demand remains strong.
Net Profitability and Rental Management: Often Underestimated Items
The gross yield displayed in an advertisement does not reflect the actual profitability. Several items reduce the margin, sometimes significantly.
Delegated rental management generally represents a percentage of the rents collected. In return, it covers tenant searches, lease drafting, and monitoring of unpaid rents. An investor managing alone saves these fees but must dedicate time and assume the risk of prolonged vacancy.
Charges to Include in Profitability Calculation
- Property tax, the amount of which varies greatly depending on the municipality and type of property.
- Routine maintenance work and provisions for major repairs (facade, roofing, elevator in the condominium).
- Non-occupant owner insurance and unpaid rent guarantee.
- Non-recoverable condominium charges from the tenant.
A property with an attractive gross yield but high condominium charges and rising property tax may show disappointing net profitability. The calculation of net profitability after taxes determines the real viability of the project.
The real estate market in 2024 rewards investors who incorporate the cost of energy compliance, post-Pinel taxation, and the tightening of short-term rental rules into their purchasing decisions. A property correctly positioned on these three criteria retains its rental value and liquidity upon resale, even in a context of still high interest rates.
