Zero-interest loan, tax-free donations… The key measures for real estate in the 2025 budget

Adopted by the Senate this Thursday, January 23, the finance bill for 2025 includes several major measures for real estate buyers. It remains to be seen whether the enrichments made by the senators to the government’s copy will remain in the final version of the budget.

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In what sauce, notably fiscal, real estate owners and investors will they be eaten this year? They ask themselves this question every fall, when the finance law is being drawn up, the promulgation of which usually provides them with answers at the end of the year. But, due to censorship from the Barnier government, the examination of the finance bill (PLF) for 2025 by Parliament was interrupted at the beginning of December. Taken over in mid-January by the Bayrou government, it took a crucial step this Thursday, January 23, with its adoption by the Senate, which modified several measures relating to real estate.

The enlargement of zero interest loan (PTZ), first. Since April 2024, the PTZ, reserved for first-time buyers subject to means testing, has made it possible to finance only the acquisition of new apartments in stressed areas, where the demand for housing is much higher than the supply. At the end of November, just before the interruption of the examination of the PLF, the senators had extended the PTZ to the purchase of individual houses, to relaxed zones, and to old housing. The upper house of Parliament therefore went further than the government, which intends to extend the PTZ to the entire territory and to new houses, but without changing anything in the old one, where eligibility for the PTZ is conditional on the completion of work. energy renovation.

Tax-free donations for a new purchase only?

Still on the subject of real estate purchases, the Senate adopted at the end of 2024 an amendment from Senator Jean-François Husson exempting property transfer taxes free of charge. money donations to children, grandchildren, great-grandchildren, or, failing that, to nephews and nieces, granted to finance the purchase or construction of a main residence, as well as energy renovation work therein. Here again, the Senate version is better than that of the government, which plans toexempt transfer taxes on donations of up to 100,000 euros to children and grandchildren only and only for the purchase of new housing. In contrast to these two measures favorable to buyers, the PLF plans to increase by 0.5 points transfer taxes for valuable consideration, incorrectly called notary feesbut only for second-time buyers acquiring an old home.

In terms of rental investment, senators adopted, in November, several amendments restricting the scope of thesection 24 of the PLF, which plans to increase resale taxation for non-professional furnished rental (LMNP), by integrating the accounting depreciation, that is to say the annual loss in value of the property, in the calculation of the capital gain on sale. This will have the effect of increasing the amount of the capital gain and, therefore, the tax to be paid on it. Government amendments, adopted by the Upper House, confine the provisions of article 24 to transfers made from January 1, 2025 and exclude from its scope of application establishments for the elderly or disabled. Other amendments, adopted by the senators and this time emanating not from the government but from certain of their colleagues, also exclude from the scope of article 24 senior residences and student residences, as well as tourist residences.

Final vote on the 2025 budget in early February

This week, senators did more than modify the government copy. Tabled on January 20, a government amendment planned to reduce the credits allocated to MaPrimeRénov’. It was rejected the next day by the Senate, which instead voted for an increase of 50 million euros in the budget for the main aid for the energy renovation of housing. Finally, senators on Tuesday removed the waiting period for payment of personalized housing assistance (PLA) when moving to new accommodation.

It is still necessary that all of these measures remain in the final version of the PLF 2025. Seven senators and seven deputies must try to agree on a common version of the text during a joint joint commission on January 30. If they succeed, this version will be submitted to the National Assembly in the week of February 3, for a final vote, or a possible recourse by the government to 49.3 in order to avoid the vote of Parliament to adopt the text. An initiative which would undoubtedly result in the tabling of a new motion of censure.