The French real estate market went through a correction phase in 2024 after two years of significant decline. Transaction volumes remained low, prices adjusted at varying rates depending on the regions, and several legislative texts changed the rules for rental investors. Understanding these mechanisms allows one to distinguish real opportunities from mere announcements.
Reintegration of LMNP Depreciation: A Tax Risk at Resale
Competitors extensively detail credit rates and prices per square meter. One topic remains under-discussed: the modification of the capital gains regime for non-professional furnished rental (LMNP) at actual value.
For transfers made from February 15, 2025, the deducted depreciations are reintegrated into the calculation of the capital gain. In practical terms, an investor who has depreciated their property over several years sees their taxable base increase upon resale. The tax benefit obtained during operation is partially reclaimed at exit.
This evolution changes the game for any buy-sell strategy in furnished rentals. An investor who planned to resell after ten years of depreciation must now factor this additional tax cost into their net profitability calculation. To find all the information on Services Immo, keeping track of these regulatory changes remains a useful reflex before signing a preliminary agreement.
The LMNP regime at actual value remains advantageous during the holding phase, but overall profitability must be calculated over the complete cycle, including purchase, operation, and resale.
Le Meur Law and Tourist Rentals: A Toughening That Redefines Rentals
The Le Meur law has profoundly modified the framework for unclassified tourist rentals. For income received from 2025, the micro-BIC allowance drops from 50% to 30%, with a revenue ceiling set at 15,000 euros. Municipalities also have the option to reduce the maximum duration of tourist rentals of a primary residence from 120 to 90 days per year.
For an owner renting their apartment on a platform like Airbnb without classification, the tax loss is direct. The reduced allowance means a higher taxable income, at constant revenue.
Arbitration Between Tourist Rental and Classic Lease
This tightening pushes some owners to reposition towards long-term rentals or mobility leases. The calculation depends on the local market:
- In tight tourist areas (coastal, mountain resorts), seasonal yield can still offset the increased taxation, provided that the furnished rental obtains classification
- In medium-sized cities, unfurnished or classic furnished rentals become competitive again, with lower vacancy rates and simplified management
- Municipalities that apply the reduction to 90 days make mixed rental (primary residence and partial seasonal rental) significantly less profitable
An investor entering the market in 2024-2025 must check local regulations before choosing their operating mode.
DPE and Thermal Strainers: The Discount as a Buying Lever
Properties classified G in the energy performance diagnosis can no longer be rented out from January 1, 2025. Properties classified F will follow in 2028, and E in 2034. This timeline creates selling pressure on energy-intensive properties, with discounts that can reach significant levels compared to better-rated equivalent properties.
The DPE has become a full-fledged investment criterion, not just an administrative document. The arbitration focuses on four variables: the discounted purchase price, the cost of energy renovation works, the duration of rental vacancy during the works, and the resale value after reclassification.
Precautions Before Buying a Thermal Strainer
Buying a G or F property with the intention of renovating can generate real capital gains, but the risk lies in estimating the cost of the works. External insulation, changing the heating system, or replacing windows represent significant expenses whose amounts vary greatly depending on the building’s configuration.
A prior energy audit allows for estimating the actual cost of upgrading to a class D or C. Without this step, the discount at purchase can be absorbed by underestimated works.
Real Estate Credit and Access to Financing: A Two-Speed Market
The production of housing loans outside of renegotiations increased by 33% in 2025, indicating a real recovery in banking activity. This recovery has benefited first-time buyers more than rental investors. The share of rental investment in credit production has fallen to 12%, three points lower than a year ago.
Banks favor primary residence applications, with more competitive rates and more flexible granting conditions for this borrower profile. A rental investor faces higher down payment requirements and slightly higher rates.
Consequences for Investment Strategy
This imbalance in access to credit has a concrete effect on the market: fewer investors competing for rental properties, which can keep prices under pressure in certain segments. For a buyer with sufficient equity, this window represents a favorable negotiation context.
- Medium-sized cities with stable rental demand (university, hospital, administrative) offer higher gross yields than metropolitan areas
- New builds remain in difficulty, with continuously declining production, which supports prices of renovated older properties
- Tight areas maintain a very low vacancy rate, securing rental flows even with moderate gross yields
The real estate market of 2024-2025 rewards investors who master the recent tax framework and incorporate energy costs into their equation. The correction of prices is not uniform, rental rules have changed, and credit no longer plays the same leverage role as before 2022. A well-calibrated purchase on these three parameters remains a solid medium-term investment.
