An apartment classified G in the energy performance diagnosis can no longer be offered for rent with a new lease. This regulatory constraint, which will extend to F-classified housing in the coming years, is reshaping the landscape of real estate investment in France. For those looking to build or consolidate their wealth, the choice of investment vehicle and type of property is now as important as location.
Prohibition of renting thermal sieves: what it changes for an investor
For a long time, one could buy an old poorly insulated studio in a student city thinking that the rent would cover the mortgage. That era is coming to an end. G-classified housing is gradually being excluded from the rental market, and F will follow.
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For an investor, this means two things. Either one incorporates the cost of energy renovation into the acquisition budget (insulation, window replacement, heating system), or one turns to properties that are already energy efficient. Old properties with renovations remain profitable, provided to estimate the renovation before signing the compromise.
Those who have neither the time nor the appetite to manage a construction site prefer to explore investment solutions with CLE Immobilier, which allow for comparing different setups without managing the operational side themselves. SCPI specializing in recent or renovated real estate are capturing an increasing share of the collection, precisely because they avoid this DPE risk for individual investors.
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End of the Pinel scheme: which tax structure to turn to
The classic Pinel scheme ended in December 2024. The 2025 finance law did not introduce a replacement scheme offering a direct tax reduction on new rental investment. This marks a complete shift in logic.
The legislator is gradually steering investors towards accounting depreciation mechanisms rather than direct tax exemption. A “source-based” depreciation is announced for 2026. In practice, it shifts from an immediate tax incentive to a deduction spread over time, favoring investors who hold onto their property for the long term.
Concrete consequences on property choice
Without a tax reduction on the surface, gross rental yield becomes the primary criterion. One can no longer hide an overly high purchase price behind a tax advantage. Medium-sized cities where the price per square meter remains contained and where rental demand is strong are regaining interest compared to metropolises where yields have compressed.
For existing rental income, the property deficit generated by renovation work remains an active lever. Buying an old property, carrying out energy improvement work, and offsetting the deficit against overall income: this setup has not been eliminated and aligns well with DPE obligations.
SCPI and indirect real estate: an alternative with its limits
SCPI (civil real estate investment companies) allow access to real estate without managing tenants or construction sites. One buys shares, receives proportional income, and the management company takes care of the rest.
- Entry is possible with a few thousand euros, whereas a direct purchase requires a down payment and a twenty-year loan
- Diversification is immediate: an SCPI holds dozens of properties spread across several geographical areas and sectors (offices, healthcare, logistics, residential)
- Liquidity remains limited, as selling shares can take several weeks or even months depending on the secondary market
Returns vary on this point, but subscription and management fees eat into a significant portion of the yield. Before investing in SCPI, one should compare the net yield after fees, not the yield displayed in the window. OPCI and SCI offer variants with slightly different risk profiles, but the principle remains the same: delegate management for a cut of the performance.
Old with renovations or high-performing new: deciding based on one’s situation
The decline in prices of old real estate observed in 2024 in most major French cities, particularly in Île-de-France, alters the yield/risk relationship. An old property bought at the right price, renovated to energy standards, can offer a rental yield superior to a new program sold at promotional prices.
When old with renovations makes sense
- When one has the time and capacity to follow a construction site or appoint a project manager
- When the property deficit allows for a reduction in taxation on existing income
- When the property is located in an area where rental demand easily absorbs the supply after renovation
When new or SCPI are preferable
For those who want no operational management, a new property in VEFA with a ten-year guarantee or shares in a specialized SCPI avoid unpleasant technical surprises. New properties remain more rigid to price declines, which limits the negotiation margin at purchase, but they guarantee immediate DPE compliance.
Life insurance in real estate unit accounts (SCI, OPCI housed in a contract) constitutes a third avenue. It allows for combining an advantageous tax framework after eight years of holding with exposure to the real estate market, without the constraints of direct management.
The choice between these vehicles depends on three parameters: the time available for management, the marginal tax rate, and the holding horizon. An investor buying for fifteen years and willing to oversee renovations will gain more from the renovated old.
Those looking to invest savings without dedicating time each month will find more comfort in indirect real estate. In both cases, actual profitability is calculated after taxes, after fees, and after taking into account the energy constraints of the French rental stock.