Late on Friday evening, the National Assembly voted for an amendment to the finance bill for 2026, inspired by the deputy for Pyrénees-Atlantiques Jean-Paul Mattéi, which replaces the tax on real estate wealth with a tax on unproductive wealth. Thus, the IFI succeeds the IFI… but this changes everything, and in passing it is a wind of revolution which is blowing on real estate taxation. A little painful reminder first. In 2016, presidential candidate Emmanuel Macron promised to abolish the wealth tax and, when elected, he kept his word. Except for this detail that it does not kill it, but changes the base, now based solely on real estate assets, whatever their destination. To put it in a nutshell, the head of state stigmatizes the stone as unproductive among all investments. This gesture is the first in a long series of decisions unfavorable to housing, and in particular to rental housing, accompanied by speeches pointing an accusing finger at investor owners as rentiers.
Never palinody or public remorse. Successive ministers in charge of housing have had to take their action in this context of the Élysée’s disenchantment with real estate, particularly residential. They had some merit in this and what they were able to do, particularly in the budgetary field, was won through a tough struggle. What MP Mattéi has just accomplished in this regard by obtaining the majority vote for his amendment, against the government, resembles nothing less than an ideological rehabilitation of residential real estate. Indeed, the provision precisely and exhaustively defines the productive assets, excluded from the base of the new tax, and residential rental real estate is clearly one of them. We will recall that the Daubresse-Cosson report commissioned by Valérie Létard, then Minister of Housing, suggested this development.
A victory not definitively acquired
The amendment does not unconditionally grant absolution to the accommodations concerned. The rental contract
must have a minimum duration of one year, which prohibits short-term furnished rentals
-unless it concerns the rental of a main residence during the 120 days authorized per year,
possibly reduced to 90 days by the municipality concerned. Furthermore, the rent must be
intermediate, that is to say below the market, and the housing must be virtuous in terms of
ecological, classified A, B, C or D in the energy performance diagnosis scale. Finally, and
this point had already been the subject of intense debate when the real estate wealth tax was voted on, it
been made to the main residence a particular fate: while the IFI authorized a 30% reduction on
the value of this asset, the tax on unproductive wealth allows for an exemption of the property up to
maximum of one million euros. On the other hand, while the tax on real estate was progressive, ranging from
0.5% of the estimated value of assets to 1.5%, the Mattéi amendment establishes a unified rate of 1%.
As for the threshold for triggering the tax on unproductive wealth, it remains 1.3 million euros.
This victory is not definitively acquired. The Senate can reinforce it, and the chances are
important, but also modify the terms and conditions. A probable joint commission could
the end prejudice the measure. And we also know what hazard weighs on the final vote on the draft
finance law for 2026. A budget decided by ordinances or even a special law, like the year
last, here are possible, if not probable, scenarios, and in this game, what will remain of the amendment
Mattei? Nevertheless, it will be very difficult for the government not to take into consideration a
measure which won the votes of a large part of the central bloc, the socialist group and the group
of the national gathering…
2025, a big year for housing?
Furthermore, it is urgent that this amendment, which corrects the contemptuous view of rental housing,
is followed by the creation of the tax status which will in turn recognize the productivity of the investment
residential real estate: it is normal for the household which devotes its debt capacity to the purchase
of accommodation to rent it is assimilated to a contractor, whose wear of the service tool is
accountably accepted. In this regard, the revival of private rental investment will be ensured,
benefit of the French who seek housing and struggle to achieve it, as well as for the benefit of the State and
local authorities, who will collect VAT and transfer duties for payment. If this second
Progress is noted in the budget for 2026, 2025 will have been a great year for housing.
