The real estate market in 2024 has undergone a profound reconfiguration, marked by the end of the Pinel scheme, a contraction in rental supply, and regulatory adjustments regarding energy-inefficient properties. Measuring the extent of these changes requires comparing the mechanisms that have disappeared with the schemes that replace them, and identifying the market segments where disparities are widening.
End of Pinel and Jeanbrun Scheme: Comparative Table of Tax Reliefs
The disappearance of the Pinel scheme on December 31, 2024, has left a void that professionals describe as an “air pocket” in private rental investment. According to Le Figaro Immobilier, this lack of a replacement mechanism until the launch of the Jeanbrun scheme in February 2026 has caused a historic drop in rental supply, described as the “worst crisis in 54 years” by industry players.
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| Criterion | Pinel (until the end of 2024) | Jeanbrun (from February 2026) |
|---|---|---|
| Status | Removed | Active |
| Period without a scheme | 13 months (January 2025 – January 2026) | |
| Effect on private rental supply | Mass withdrawal of investors | Expected recovery, results to be confirmed |
| Geographical target | Tight areas (A, A bis, B1) | Data not yet consolidated |
This table highlights a point that current analyses of 2024 underestimate: the withdrawal of private investors is not cyclical but structural, linked to the absence of tax relief for over a year. Investment project holders who relied on classic structures backed by Pinel found themselves without an incentive framework, which has mechanically reduced new construction for rental use.
To follow the evolution of these schemes and their consequences on acquisition strategies, the Newsyoung real estate site offers regular updates on tax measures and market dynamics.
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Energy Inefficient Properties: What the Text Adopted by the Senate Changes for Landlords
The gradual ban on renting properties classified F and G under the energy performance diagnosis (DPE) has dominated discussions in 2024. Most content stops at this ban. The text adopted by the Senate introduces a significant nuance.
A bill now provides for the temporary reintroduction of renting F and G properties, under strict conditions. The landlord must contractually commit to carrying out energy renovation work within three years for a house and five years for an apartment. Enhanced controls are planned by 2030, accompanied by penalties in case of non-compliance.
Concrete Implications for a Landlord
This measure creates two categories of landlords in the rental market:
- Those who have the cash flow or access to credit to undertake energy renovation work within the required timeframes, and who can continue to rent during the transitional period.
- Those who cannot finance this work, for whom selling the property becomes the only rational option, thus increasing the supply of properties to renovate in the transaction market.
On the other hand, for buyers, this situation opens a specific market segment: F and G properties sold under regulatory constraint, often at prices below market value, represent a buying opportunity if the cost of renovation remains manageable.
Homeownership in 2024: Expanded PTZ and New Financial Structures
The strengthening of the Zero Interest Loan (PTZ) constitutes another major lever of the year. Its extension to the entire national territory (and no longer just to tight areas) for new and existing properties with renovations changes the decisions of first-time buyers.
At the same time, new models of homeownership are developing:
- Co-investment, where an operator holds a share of the property alongside the buyer, reducing the initial contribution required.
- Lease-purchase (PSLA), which allows occupying the property as a tenant before exercising the purchase option, with rent payments deducted from the sale price.
- Property dismemberment, which separates usufruct and bare ownership to reduce the cost of acquiring full ownership over time.
These structures address a specific problem: the decline in purchasing power linked to the rise in interest rates observed since 2022. When traditional credit is no longer sufficient to finance a project, these mechanisms split the risk and investment among several parties.
Which Structure for Which Buyer Profile
The expanded PTZ favors households with modest or intermediate incomes buying their primary residence. Co-investment is more suited to buyers in markets where prices remain high despite corrections. Lease-purchase is suitable for profiles whose available savings do not allow for a sufficient contribution to trigger a traditional bank loan.
The choice between these options depends less on personal preference than on three measurable variables: debt ratio, available contribution, and intended holding period.
Interest Rates and Transaction Volume: The Data That Conditions Everything Else
All the trends described (withdrawal of Pinel investors, decisions on energy-inefficient properties, use of alternative structures) converge towards a single variable: the cost of mortgage credit. As long as rates remain significantly higher than those of the 2015-2021 period, households’ borrowing capacity decreases and transaction volume remains constrained.
The price correction initiated in several metropolitan areas does not fully compensate for the loss of purchasing power linked to interest rates. However, secondary markets (medium-sized cities, well-served suburbs) benefit from a demand shift related to remote work, with more accessible entry prices.
The year 2024 in real estate can be summarized as an imbalance between a rental supply at its lowest and a homeownership demand hindered by credit. Replacement mechanisms are arriving late. Landlords capable of financing energy renovations retain an advantage, while first-time buyers must now combine several mechanisms to finalize their financing.