Investing in real estate in 2026 requires navigating a tax framework that has significantly changed since early 2025. Between the reintegration of LMNP amortizations into the capital gains, the marked decline in rental investment, and a recovering old property market while new builds stagnate, wealth management decisions are no longer made on the same basis as three years ago.
What indicators allow us to measure the relevance of a real estate investment today, and what levers can be acted upon to optimize one’s wealth?
LMNP after the 2025 finance law: what the reintegration of amortizations changes
The 2025 finance law (law no. 2025-127 of February 14, 2025) has profoundly modified the taxation of non-professional furnished rentals. Amortizations accounted for by non-professional furnished landlords must now be reintegrated into the taxable capital gains upon resale. This rule applies to all transfers occurring from February 15, 2025, including properties rented out before this date.
In practical terms, an investor who has deducted several years of amortizations will see their taxable capital gain increase accordingly at the time of sale. The LMNP status remains functional for generating low-taxed rental income during the operational phase. However, the exit from the property has become significantly less advantageous than before.
This change necessitates recalculating the overall profitability of a furnished investment over its entire holding period, rather than just on an annual yield basis. For those wishing to explore the Impact Patrimoine website, simulating resale scenarios that incorporate this new tax reality becomes a prerequisite for any commitment.
Rental profitability: comparison of old, new, and SCPI
The choice of real estate investment vehicle determines both the yield, daily management, and applicable taxation. The table below summarizes the observable characteristics in the market in 2026, based on trends reported by professional sources.
| Criteria | Old (classic rental) | New (tax incentives) | SCPI (paper stone) |
|---|---|---|---|
| Market dynamics 2025-2026 | Rebound in transactions | Continued decline in construction starts | Moderate recovery in fundraising |
| Entry ticket | Variable by location | Higher price per m² | Accessible from a few thousand euros |
| Management | Direct or delegated | Direct or delegated | Fully delegated |
| Main tax lever | Property deficit, LMNP (reformed) | Pinel abolished at the end of 2024 | No specific scheme |
| Liquidity at resale | Average (sale delay) | Average to low (possible discount) | Variable depending on the secondary market |
The old property market shows a notable rebound in sales volumes, while new construction continues to decline. This divergence creates an imbalance: the supply of new housing is dwindling, which may support prices in tight areas, while the old market is becoming the main playground for investors.
SCPI offers an alternative for those who want to invest in real estate without managing tenants or renovations. The trade-off is less control over the held assets and management fees that reduce net yield.
Wealth strategy and tax exemption: active levers
With the end of the Pinel scheme on December 31, 2024, and the reform of LMNP, the landscape of real estate tax exemption has tightened. Several mechanisms remain accessible:
- Property deficit: renovation work on an old rental property allows for the deduction of expenses from rental income, or even from global income within certain limits. This lever gains value in a context where energy-inefficient properties must be renovated to remain rentable.
- SCI subject to corporate tax: holding through an SCI subject to IS allows for the amortization of the property and reinvestment of profits at a moderate tax rate. The exit in dividends remains taxed, necessitating a long-term projection.
- Rental of the principal residence: there is a tax exemption threshold for income derived from renting part of one’s principal residence, a little-known scheme confirmed by the General Tax Code (article updated for 2026).
IFI and non-residents: a tightening to anticipate
Since January 1, 2024, the rules for the real estate wealth tax have been tightened for non-residents holding a taxable net real estate wealth exceeding 1.3 million euros in France. Reporting requirements are stricter. A new article 1414 A of the CGI provides for a reduction in housing tax on certain second homes for French citizens living abroad who maintain a residence in France.
For affected investors, managing the holding structure (direct, SCI, dismemberment) takes on additional significance in overall tax optimization.
Market risks and signals to watch in rental investment
One in three French people considering a rental investment states they will wait until 2027 to decide, according to a study reported by the chamber of notaries. This delay reflects uncertainty related to both tax reforms and the evolution of borrowing rates.
Rental demand remains structurally strong, particularly in metropolitan areas and university zones. The new housing crisis creates an opportunity for renovated old properties, provided that the cost of renovations and energy constraints (DPE) are managed.
Three signals deserve particular attention before investing:
- The evolution of key interest rates, which determines the cost of credit and thus the leverage effect.
- Energy renovation obligations, which can turn a profitable property into a liability if it requires heavy work to remain compliant.
- Local taxation, particularly property tax, whose successive revaluations erode net profitability in certain municipalities.
The real estate market in 2026 rewards investors who calculate their profitability after taxes, after renovations, and after resale, not just on the gross annual yield. Simulation over the total holding period has become the only reliable tool for making decisions between different investment vehicles.
