More than 50%. It’s the Falling new housing sales To private investors, in France, in the second quarter of 2025, over one year, according to the figures unveiled by the Federation of Promoters Real Estate (FPI) this Thursday, September 4. The number of reserve for private investors has very precisely plunged from 52.2% from April to June, bringing to 48.5% its tumble to the first half, to 4,874 units. A collapse to put on the account of the Disappearance of the tax advantage Pinel on January 1, explains the FPI. A real paradigm shift because it is the first time, for 40 years, that France no longer offers tax incentive to rental investment in new.
Based on these figures, less than 10,000 new homes will be acquired by private investors throughout the year 2025, extrapole Didier Bellier-Ganière, general delegate of the Federation. “It will be 6 times less Let the usual volume of 60,000 dwellings per year!“Exclaims its president, Pascal Boulanger. Who stresses that, without rental investors, there are no more accommodation at all. “In a housing construction program, there are three types of buyers: social landlords, up to 25%, owners occupying and private investors, these last two categories representing half of the balance of 75%. However, those who buy first are rental investors, they are often the trigger of a construction operation. The owners occupants take more time to come, they first look at how the operation takes place ”explains the boss of the FPI.
Response of rents: a call to extend the system after November 2026
Possibility to absorb a rental investment over 20 years
It is therefore thanks to rental investors that promoters can reach the pre-commercialization rates that banks require to finance their construction programs. “Aware” of the problem, according to Pascal Boulanger, which “Exchange directly with him”the Prime Minister, François Bayrouconfirmed on August 28, his intention to create, thanks to the finance bill for 2026, a real tax status of the private lessor, defended by the Minister of Housing Valérie Létard.
A report submitted on June 30 to the Government by the Daubresse-Cosson parliamentary mission in broad outline. The main measure lies in the possibility, for any acquisition of rental housing from December 1, 2025, to deduce each year from its rental income 5% of the value of the property If it is new and 4% if it is old, provided, in the latter case, to carry out work. This, for 20 years.
Rental investment: Bayrou takes one more step towards the tax status of the private lessor
Almost 2 billion revenue for the State
“This report is unanimous in the housing sectorsays Pascal Boulanger. I am sure that with this status of the private lessor, the rental investment will leave. It’s the only solution To restart it “. The problem is that the government risks falling on September 8, after the vote of trust requested by François Bayrou with the deputies. And there is nothing to say that his successor will also take the cause for the creation of a tax status of the private lessor. Especially in the current context of very degraded public finances. Moreover, the Minister of Public Accounts, Amélie de Montchalin, “Tickles the Daubresse-Cosson reportwishes recalibration “recognizes Pascal Boulanger. The minister would not want to lower the damping rate by 5%, according to a source close to the file.
However, despite the associated tax advantage, this status of the private lessor “Would be beneficial for public finances”supports Didier Bellier-Garière. The sale of new housing being subject to a VAT of 20%, sell 60,000 per year to rental investors, as was the case before the disappearance of Pinel, “Would report immediately 1.9 billion euros in the State every year ”, calculates the general delegate. An argument to repeat to the next tenants of Bercy if the government fell on Monday.
