An apartment listed for three months in a medium-sized city, an owner willing to accept a discount because their property is rated F on the energy performance diagnosis, a loan whose rate has started to decline after months of increases: this is the type of configuration that creates a buying window in 2024. Real estate investment this year does not resemble that of 2021, and the profitability levers have shifted.
Thermal sieves: the discount that funds renovations
On the ground, properties rated F or G on the energy performance diagnosis are negotiated with significant discounts compared to better-rated equivalent lots. This discount is not a coincidence: the gradual ban on renting out the most energy-intensive homes is pushing some landlords to sell.
For an investor willing to undertake energy renovation work, the discount at purchase often absorbs a significant portion of the renovation costs. This includes changing windows, insulating attics, or replacing heating systems. The property then rises to class D or C, making it rentable without restrictions and increasing its value upon resale.
Before signing, three things should be checked: the realistic cost of the renovations (quotes, not rough estimates), the rental demand in the neighborhood, and the achievable rent once the property is renovated. It is by cross-referencing this data that one identifies opportunities on Immo Prima that match this acquisition profile with renovations.
End of the Pinel scheme: recalculating rental profitability without tax support
The Pinel scheme ended for new acquisitions on December 31, 2024. Investments already made retain their commitments, but one can no longer rely on this tax reduction to finalize a deal.
Without Pinel, gross rental yield becomes the primary selection criterion again. One looks at the price per square meter, the observed market rent (not the ceiling rent of a scheme), and the vacancy rate in the municipality. A property that only stood up with the tax incentive was not a good investment; it was a tax shelter product.
Medium-sized cities where rental demand remains strong, particularly those with a stable job market or a university hub, offer lower entry prices and higher gross yields than metropolitan areas. One is not looking for quick capital gains; one seeks regular rent against a reasonable purchase price.
Denormandie scheme: the alternative in the old sector
For those who want to maintain a tax lever, the Denormandie scheme targets old properties requiring renovations in certain eligible municipalities. The principle: acquire a degraded property, undertake renovations representing a significant portion of the total operation cost, and commit to renting at a capped rent.
The Denormandie combines renovation and tax exemption, which brings it closer to the “thermal sieve” profile described above, with an additional regulatory framework. Returns vary by municipality, and the list of eligible cities should be checked before any commitment.
Le Meur Law and tourist rentals: a profitability calculation to redo
Law No. 2024-1039 of November 19, 2024, has changed the rules for furnished tourist rentals. Municipalities now have enhanced means to regulate this type of rental, and some tight areas can reduce the maximum rental duration of a primary residence from 120 to 90 days per year.
Specifically, an investor relying on short-term rentals like Airbnb must check three parameters before proceeding:
- Local regulations: has the municipality implemented a mandatory registration number, a quota, or a duration limit?
- The co-ownership regulations: the Le Meur law strengthens the ability of co-ownerships to prohibit or restrict tourist rental activity in the building.
- Applicable taxation: the threshold for the micro-BIC regime for unclassified tourist rentals has been lowered, making the real regime often more relevant for deducting actual expenses.
A theoretical occupancy rate derived from a platform is no longer sufficient. One calculates net profitability by incorporating these local constraints, or risks discovering afterward that the economic model does not hold.
Mortgage rates in 2024: the renegotiation window
After a marked period of increases, mortgage rates have begun a downward trend. For investors, this means two things: the borrowing cost of a new acquisition decreases, and loans taken out at the peak of rates can be renegotiated or refinanced.
A one-point reduction in a long-term loan significantly lowers the total cost of credit. We are not talking about hundreds of euros but thousands over the duration of the loan. The renegotiation process involves comparing offers, factoring in processing fees and any early repayment penalties.
For a new purchase, the drop in rates mechanically improves borrowing capacity and thus the available budget. Combined with the price correction observed in certain markets, this configuration restores purchasing power to investors who had been sidelined by the tightening of financing conditions.
SCPI: diversify without managing
Investors who do not wish to manage a property directly can turn to SCPI (real estate investment companies). The principle: pool investment in a portfolio of properties managed by a management company, in exchange for a return distributed in the form of regular income.
SCPI allows access to tertiary or European real estate with a much lower entry ticket than a direct purchase. The yield depends on the quality of the portfolio, the occupancy rate, and the strategy of the management company. One reads the annual report before investing, not the sales brochure.
The year 2024 remains a year of repositioning for real estate investment. Old reflexes (buying new in Pinel, renting short-term without checking regulations) no longer work. Opportunities exist, but they require more in-depth analysis: property condition, actual taxation, local rental demand, credit cost. It is this ground-level work that makes the difference between a profitable investment and a financial burden.
