New real estate attracts with its guarantees and tax advantages, but the landscape has changed since the end of the Pinel scheme on December 31, 2024. To invest in new real estate in 2025-2026, the levers are no longer the same: tax depreciation, LMNP status, bare ownership. Comparing the data between new and old properties allows for measuring where the profitability gap truly lies.
Acquisition costs for new vs old: actual difference in total cost
| Item | New Real Estate | Old Real Estate |
|---|---|---|
| Notary fees (tax portion) | 2 to 3% of the purchase price | 7 to 8% of the purchase price |
| Property advertising tax | 0.71% | 5.81% |
| Renovation costs (first years) | None (builder’s guarantees) | Variable, often necessary |
| Energy performance | Latest standards (RE2020) | Variable energy performance, frequent renovations |
The difference in notary fees constitutes the first measurable advantage. The property advertising tax, the main component of this gap, weighs significantly less in new properties. The notary’s fees, however, remain the same regardless of the type of property.
This entry cost differential partially offsets the higher price per square meter of new properties. Several platforms allow for comparing available programs by location, such as immobilierneuf1clic1toit.fr, which lists new housing across the entire territory.
Tax schemes after the end of Pinel: what alternatives for investing in new properties
The removal of the Pinel scheme has reshuffled the cards. Investors buying new properties in 2025-2026 have several options, but none replicate exactly the tax reduction mechanism as a percentage of the price that existed before.
- The LMNP status (Non-Professional Furnished Rental) remains the main tax lever for new furnished rentals: it allows for the depreciation of the property to be deducted from rental income, thus reducing the taxable base.
- Buying in bare ownership offers a discount at acquisition and an absence of taxation on rental income during the duration of the dismemberment, as the bare owner does not receive rent.
- The so-called “Jeanbrun” or “Housing Relaunch” mechanism, currently being deployed, operates through annual tax depreciation (deduction of a fraction of the property’s price) rather than direct tax reduction.
Loc’Avantages and Denormandie, extended until 2027, mainly concern older properties with regulated rents. They therefore do not apply to classic new programs.
Tax depreciation vs tax reduction: a different logic
With the Pinel scheme, the advantage took the form of a direct reduction on the tax owed. Tax depreciation, on the other hand, decreases taxable income. The effect therefore depends on the investor’s marginal tax bracket.
For a taxpayer in a high bracket, LMNP depreciation can generate a tax benefit comparable to the old Pinel. However, for a lightly taxed investor, the effect remains limited. The choice of the scheme requires a personalized simulation, not a general rule.
Builder guarantees and standards: what new properties concretely secure
Competitors mention all the guarantees, but rarely their actual scope. A new property benefits from three levels of protection:
- The perfect completion guarantee (one year after delivery) covers all defects reported at the time of reception or within the following year.
- The two-year guarantee protects equipment that can be separated from the structure: faucets, shutters, radiators.
- The ten-year guarantee covers damages compromising the solidity of the work or rendering it unfit for its intended purpose.
These guarantees prevent unforeseen expenses that can erode the rental profitability of an old property. A boiler replacement or roof repair in the first years of operation can wipe out several months of net rent.
Compliance with RE2020 standards also guarantees high energy performance from the moment of delivery. A new property is unlikely to be classified as F or G in the energy performance diagnosis, which exempts it from the progressive rental bans affecting thermal sieves in older properties.
Volume of reservations and prices of new properties: a market recalibrating
Articles positioned on this subject remain largely promotional. They overlook the marked decline in reservation volumes and construction starts observed since 2024 in the new segment.
Several factors explain this retreat. The end of the Pinel scheme has removed a powerful driver of investor demand. Interest rates, even with slight easing, remain higher than the levels that fueled the boom of previous years. The prices of new properties, driven by the cost of materials and construction standards, exhibit a rigidity that the old market does not have.
What this contraction changes for the buyer
A less tense market offers a different balance of power. Developers, faced with larger stocks, more frequently offer commercial discounts, waived notary fees, or additional services included.
Negotiating the price of a new program is now more realistic than in periods of high demand. The gap between the displayed price and the signed price can reach several percentage points, depending on the location and the state of progress of the program.
The expanded PTZ remains accessible for purchasing a primary residence in new properties, which supports demand from first-time buyers in this segment. For pure rental investment, it is the LMNP status that now concentrates attention.
New real estate retains measurable structural advantages: reduced acquisition costs, long guarantees, inherent energy performance. The tax framework has changed, and LMNP depreciation replaces Pinel as the main tax optimization tool for investors in new properties. In a recalibrating market, the margin for negotiation on prices constitutes an additional lever that previous years did not offer.