The French real estate market in 2024 has seen several changes converge: a gradual decline in interest rates, stricter regulations on furnished rentals, and a drop in prices in certain areas. For those looking to invest, the question is no longer whether the market is moving, but which segments still offer an exploitable profitability gap in light of new fiscal and energy constraints.
Taxation of tourist rentals: what concretely changes profitability
Competitors extensively discuss rates and prices, but few detail the fiscal impact of law n° 2024-1039 of November 19, 2024, on yield projections. Yet, this is the parameter that reshuffles the cards for short-term rental investors.
Since 2025, the micro-BIC allowance has been reduced to 30% for unclassified furnished rentals, with a revenue ceiling set at 15,000 euros. For a property that previously generated income under the micro-BIC regime at a 50% allowance, the taxable base significantly increases. The choice between the micro regime and the real regime now requires recalculating for each project.
The LMNP real regime has also lost an advantage at resale. The depreciations deducted during the rental period are now reintegrated into the calculation of the capital gain. An investor who was counting on a tax-optimized exit after several years of depreciation must reassess their holding horizon.
To delve deeper into these fiscal arbitrations and keep up with industry news, you can discover Blog Actif net immo, which regularly covers these topics.
Thermal sieves and DPE: table of constraints by energy class
The Climate and Resilience law has prohibited the rental of properties classified as G since January 2024. This ban does not only affect traditional landlords: the DPE becomes an operating condition for certain tourist rentals. Including the cost of energy renovation in the profitability calculation is no longer optional.
| DPE Class | Rental Status in 2024 | Investor Impact |
|---|---|---|
| G | Prohibition of rental | Discount on purchase, mandatory renovations before operation |
| F | Allowed (prohibition planned in the long term) | Buying window with negotiation, renovation to anticipate |
| D-E | Allowed | Recommended renovations for valuation, available aids |
| A-C | Allowed, no restrictions | Higher purchase price, no renovations to foresee |
Buying a thermal sieve remains a viable strategy if the renovation budget is estimated before acquisition. The observed discount on properties classified as F or G often offsets the cost of renovation, provided eligibility for aids (MaPrimeRénov’, energy savings certificates) is verified.
Co-ownership and seasonal rentals: a legal obstacle
The Le Meur law introduced a mechanism that allows co-ownerships to prohibit tourist rentals by modifying the co-ownership regulations. Studying the co-ownership regulations is now as strategic a prerequisite as analyzing the local market.
Before acquiring a property intended for seasonal rental in a collective building, three checks are essential:
- Does the current co-ownership regulation explicitly or implicitly allow the activity of tourist rentals, or is it limited to bourgeois residential use?
- Has a general assembly already voted or included a restriction of this type on the agenda, which would indicate a short-term risk?
- The owner is required to inform the property manager of their tourist rental activity, exposing the project to collective scrutiny from the outset.
Ignoring this point can render an investment unexploitable a few months after purchase.
Interest rates and prices in 2024: where is the buying window
Interest rates have begun a measured decline in 2024 after the rapid increase observed since 2022. This easing has restored purchasing power to borrowers, but prices have not yet risen in most local markets. This time lag between the decline in rates and the recovery of prices creates a buying window.
Territorial disparities remain pronounced. Major metropolitan areas have withstood the price correction better than suburban or rural areas. In contrast, some medium-sized cities show higher rental yields due to significantly lower prices per square meter and strong rental demand driven by market tension.
The volume of transactions has decreased significantly compared to previous years. This contraction of supply in the old market creates a scarcity effect that could support prices in the most strained sectors as credit conditions improve further.
SCPI and diversification: an alternative to the physical market
For investors who wish to expose themselves to real estate without directly managing a property, SCPI remains a vehicle to consider. The sectoral diversification of SCPI mitigates the risk associated with a single local market. Offices, retail, healthcare, logistics: each segment reacts differently to economic cycles.
Investing in SCPI also allows bypassing operational constraints related to DPE, co-ownership, and rental management. The distributed yield depends on the quality of the assets held and the acquisition strategy of the management company, which requires an analysis of annual reports before any commitment.
The real estate market in 2024 rewards investors who incorporate regulatory and fiscal aspects into their profitability calculations even before looking at prices. Net profitability depends as much on the chosen tax regime as on the gross yield displayed. Properties discounted due to their energy class offer negotiation margins, but only if the renovation budget and the legal framework of the co-ownership are secured in advance.
