New real estate refers to any housing completed less than five years ago and never inhabited. Investing in new real estate in 2026 is set against a very particular market context: after a collapse in bookings by individual investors in 2025 (a drop of over 50% compared to the previous period), the first months of 2026 mark a targeted recovery, driven by new tax measures. This window changes the entry conditions for those looking to build a rental property portfolio.
New housing crisis in 2025 and recovery of investors in 2026
The new market experienced its worst year in four years in 2025. Sales to individuals fell by more than half, due to the combined effects of still high borrowing rates and widespread wait-and-see attitudes. Developers accumulated stocks, and some programs were postponed or canceled.
In the first quarter of 2026, the turnaround is clear. Developers like Altarea recorded an increase of about 50% in bookings from individual investors, driven by the new Jeanbrun scheme. This recovery does not concern the entire market: it focuses on investors, not on first-time homebuyers.
This asymmetry creates a situation where new prices remain relatively stable, but where negotiation conditions with developers are more favorable than before the crisis. Some programs offer discounts, waived notary fees, or payment arrangements in VEFA. To compare available offers and identify programs suitable for a rental project, platforms like immodeule.fr centralize listings of new housing by geographic area.
Jeanbrun scheme: how tax depreciation works for private landlords
The Jeanbrun scheme replaces the Pinel, which was abolished at the end of 2024. Its mechanism is based on a different principle: instead of a tax reduction calculated on the purchase price, it allows for the long-term tax depreciation of the building’s value, similar to what investors in LMNP under the real regime practice.
Specifically, the investor deducts each year a fraction of the property’s value (excluding land) from their rental income. This mechanism reduces the taxable base of the rents received, sometimes making them non-taxable for several years. The tax advantage directly depends on the ratio between the value of the building and the total price of the property.
The Jeanbrun favors properties where the land share is low, typically apartments in tight areas where construction costs represent a high proportion of the price. Conversely, a property in a relaxed area with expensive land and cheap construction will benefit less from the scheme.
Eligibility conditions to check
- The housing must be new or in VEFA, compliant with the RE2020 standard, and rented unfurnished as the tenant’s primary residence.
- Rent and tenant income ceilings apply, varying by geographic area (A bis, A, B1, B2).
- The rental commitment is set for a minimum duration, with exit conditions regulated to prevent rapid speculative resale.
LMNP or Jeanbrun: two distinct tax logics for investing in new properties
The status of Non-Professional Furnished Rental (LMNP) remains accessible in 2026, but it follows a different logic. The property is rented furnished, the income is declared as industrial and commercial profits (BIC), and the investor chooses between the micro-BIC regime (flat-rate deduction) and the real regime (deduction of expenses and depreciation).
The fundamental difference with the Jeanbrun lies in the type of rental. The LMNP targets furnished rentals (short or long-term, service residences, student housing, tourism). The Jeanbrun targets traditional unfurnished rentals with ceiling constraints.
Criteria for choosing between the two schemes
An investor targeting a university city with high demand for furnished studios will find the real LMNP regime more advantageous. The LMNP offers complete freedom over rents and tenant selection.
An investor seeking a more secure framework, with stable tenants and a structured long-term tax advantage, will turn to the Jeanbrun. The rent ceilings limit gross yield, but the depreciation of the building partially offsets this constraint.
RE2020 standard and builder guarantees: what truly protects the investment
Buying new in 2026 means acquiring a property compliant with the RE2020 environmental regulation, which came into effect in 2022. This standard imposes strict thresholds for energy consumption and carbon emissions over the entire life cycle of the building.
For an investor, RE2020 has a direct effect on the property’s valuation in the medium term. The least energy-efficient homes (classified F or G on the DPE) are gradually banned from rental. A new property, classified A or B, will not face this constraint for a long time.
Legal guarantees constitute the other pillar of security:
- The perfect completion guarantee covers all defects reported during the first year after delivery.
- The two-year guarantee protects removable equipment (faucets, shutters, radiators) for two years.
- The ten-year guarantee holds the builder liable for ten years for damages affecting the building’s solidity or rendering it unfit for its intended use.
These three levels of protection reduce the risk of unforeseen expenses, a factor that often undermines the profitability of investments in older properties.
Rental profitability in new properties: the parameters to calibrate
The gross profitability of a new rental investment is calculated by dividing the annual rent by the total acquisition price (including notary fees). In new properties, notary fees are lower compared to older ones, which mechanically improves the yield.
The net profitability, more revealing, incorporates property tax, condominium fees, non-occupant owner insurance, and rental vacancy. A realistic rental vacancy rate is around one month per year in tight areas, more in relaxed areas.
The choice of location takes precedence over the tax scheme. A well-located property (close to transport, employment pool, services) rents quickly and limits vacancy. A tax advantage does not compensate for a poor location: if the property remains vacant for three months a year, the tax savings evaporate.
The recovery of bookings in the first quarter of 2026 does not guarantee that all new programs will be profitable. New prices remain stable, but the gaps between developers and between geographic areas are widening. Comparing multiple programs, checking the actual market rent in the targeted neighborhood, and simulating net profitability after tax remains the only reliable method before signing.
