The French real estate market in 2026 is not just a story of rates and prices. Several regulatory and tax mechanisms are reshaping the choices of buyers and landlords, sometimes without market participants fully realizing their impact. Understanding these real estate changes requires looking beyond transaction curves to delve into the details of the measures that are concretely changing the game this year.
Electricity conversion coefficient and DPE: what changes on January 1, 2027
A decree from August 19, 2026, plans to lower the electricity conversion coefficient in the calculation of the DPE starting January 1, 2027. This technical parameter, often overlooked in public analyses, determines how the electricity consumption of a home is translated into primary energy.
In practice, homes heated by electricity (convection heaters, heat pumps, underfloor heating) may see their energy label improve without any renovations. Affected owners will not need to redo the diagnosis if it is still valid: the label can change without work, simply through recalculation.
For investors, the consequence is direct. A property currently rated F could shift to E tomorrow, which alters its rental value and its potential for being rented out. We are already observing a wait-and-see effect among some sellers who prefer to wait a few months before selling a poorly rated electric property.
Those following all the news on the News Immo site have been able to gauge the extent of the DPE issue on wealth strategies in recent months.
Jeanbrun scheme: the new tax lever for rental investment
The Jeanbrun scheme marks a shift in logic compared to Pinel, which has ended. While Pinel was based on zoning and fixed rent ceilings, Jeanbrun relies on a mechanism for amortizing part of the acquisition price for unfurnished rental properties, subject to rent conditions.
For private landlords, this shift requires rethinking the structure of an investment project. A purchase in the old with energy renovation work may now prove more tax advantageous than a new acquisition, provided the scheme’s criteria are met.
Why new builds are not yet benefiting from this dynamic
Building permits and construction starts remain below their five-year average over the past twelve months. The occasional improvement in construction sites does not indicate a return to abundant new supply. The restart of construction remains fragile, and new housing permits are not keeping pace with the recovery of transactions in the old.
This gap creates a paradoxical situation: demand is shifting to the old, where prices are stabilizing in most cities, while new builds suffer from a supply deficit that keeps prices high on available programs.
Prohibition on renting thermal sieves: actual state of regulation
The prohibition on renting properties rated G has been in effect since 2025. A proposal for an exemption for certain F or G properties is circulating in parliamentary debate, but it has not yet been enacted. As long as the text has not become law, the current regulation applies without exception.
Presenting this exemption as a given, as some articles do, misleads landlords. The consequences of non-compliant rentals remain severe:
- The tenant can demand the property be brought up to standard and, failing that, take the matter to court to obtain a rent reduction or lease termination
- Diagnosticians report an increase in disputes related to the DPE, particularly in co-ownerships where collective works block individual renovations
- The market value of properties rated F or G continues to decline compared to better-rated properties, with a widening gap in medium-sized cities
Regulatory wait-and-see does not protect owners who postpone work hoping for leniency. It is better to anticipate renovations or consider selling under negotiated conditions.
Real estate prices and credit in 2026: stabilization does not mean uniformity
Interest rates have stabilized after the peak of the 2023-2024 period, allowing many buyers to return to the market. The volume of transactions is increasing, but the recovery remains very heterogeneous depending on regions and types of properties.
In major metropolitan areas, prices for old real estate show relative stability. In contrast, some medium-sized cities are still experiencing downward adjustments, particularly for energy-intensive properties. The energy performance of a home now weighs as heavily as its location in price formation.
Three criteria that determine purchasing power in 2026
- The mortgage interest rate, stabilized but still above 2021 levels, mechanically reduces the borrowing capacity compared to the pre-increase period
- The personal contribution required by banks remains high, often exceeding what first-time buyers can mobilize without family assistance
- The cost of energy renovation adds to the purchase price for old properties, which alters the overall budget of a real estate project and imposes a trade-off between location and the condition of the property
Buyers who incorporate these three parameters from the search phase avoid disappointments during the financial setup. A property listed at an attractive price but rated F may cost, including renovations, more than a better-positioned E or D property.
The real estate market in France this year rewards technical preparation. The real estate trends of 2026 are not just about price curves: they are reflected in regulatory texts, tax scales, and energy labels. It is in these details that the true opportunities for purchase and investment lie.
