An old apartment well located but rated F in the DPE, a new studio in a tense area with a capped rent, a lot of European SCPI purchased on credit: these three situations do not call for the same strategy, the same setup, or the same horizon. Real estate investment in 2024 is based on very concrete arbitrations, where the yield depends less on the “good deal” than on the coherence between the project, the financing, and the chosen taxation.
Thermal sieves: negotiate the purchase price before budgeting for renovations
We often start with the displayed gross yield. In practice, the first variable that makes or breaks a deal on an energy-intensive property is the actual discount obtained at purchase. A property rated F or G is negotiated well below the local market price, sometimes with a margin for discussion that better-rated properties no longer offer.
The regulatory calendar directly impacts this negotiation. Properties rated G have already been banned from rental since January 2025. F-rated properties will follow in 2028, and E-rated ones in 2034. A property owner who does not want to undertake renovations finds themselves as a forced seller, which opens a window for buyers ready to renovate.
Before signing, we estimate the cost of renovations with an RGE craftsman and check eligibility for MaPrimeRénov’. The classic trap: buying a thermal sieve in a co-ownership where the property manager blocks external insulation. In this case, the energy gain remains limited, the DPE progresses little, and profitability collapses. It is better to check the co-ownership constraints even before negotiating the price.
To compare available opportunities in several cities, you can access Le Top Immobilier and filter by property type and geographical area.
Net rental yield: the items that simulators overlook
Most online simulators calculate a gross yield (annual rent divided by purchase price). This figure says almost nothing. The net yield after charges and taxation can be half of the gross yield.
Here are the items often underestimated in a quick calculation:
- The property tax, which varies from one to three times depending on the municipality and has significantly increased in recent years in many areas.
- Rental vacancy: even in a tense area, one month without a tenant between two leases reduces the actual yield. For a studio, one month of vacancy represents more than eight points of lost earnings over the year.
- Non-recoverable co-ownership charges, particularly provisions for major works (facade, roofing) voted in the general assembly.
- The cost of delegated rental management, usually around a few percentage points of the collected rent, to be included if not managed personally.
A good reflex: request the last three minutes of the general assembly before buying. This reveals the voted works, upcoming calls for funds, and the actual condition of the building.
Tax regime and credit: two levers that change real profitability
The choice of tax regime is not an administrative detail. In furnished rentals, the real regime allows for the deduction of the property’s depreciation, loan interest, and charges. Switching from micro-BIC to the real regime can halve the taxation on rental income, provided that the amount of charges and depreciation exceeds the flat-rate allowance.
In unfurnished rentals, the micro-property regime (thirty percent allowance) suits owners without loans or renovations. As soon as there is an ongoing loan or deductible renovations, the real property regime becomes more advantageous. Returns vary on this point depending on the remaining duration of the loan and the amount of interest.
Credit as a wealth leverage tool
Borrowing to invest remains a relevant strategy when the loan rate is lower than the net yield of the property. With the gradual stabilization of loan rates recently observed, some setups are becoming viable again, particularly over fifteen to twenty-year terms.
Comparing at least three bank offers and a broker remains the most direct way to gain a few dozen basis points on the rate, which represents several thousand euros in savings over the total duration of the loan.
SCPI and indirect investment: diversify without managing a tenant
For investors who do not want to manage property directly, SCPI (Sociétés Civiles de Placement Immobilier) offer exposure to the real estate market with a lower entry ticket. You buy shares, and the management company takes care of the acquisition, rental, and maintenance of the buildings.
The SCPI market has gone through a correction phase, with price drops for shares in certain office investment vehicles. This correction creates entry points for new subscribers, provided two elements are checked:
- The financial occupancy rate: it reflects the share of rents actually collected compared to the total potential. A rate below ninety percent signals marketing difficulties.
- Geographical diversification: SCPI invested in several European countries reduce the risk associated with a single local market and sometimes benefit from more favorable taxation on foreign income.
- Subscription and management fees, which weigh on the net distributed yield. They are compared over several years to assess the real impact.
Buying SCPI shares on credit allows for the leverage effect of traditional rental investment, with fully delegated management. The liquidity risk exists: selling shares can take several weeks or even months for certain vehicles.
The return of North American capital to the French market (their share more than doubled between the first half of 2025 and the first half of 2026 according to Savills Research) also changes the competition for tertiary assets, which can influence the valuations of SCPI exposed to this segment.
Choosing between direct investment and SCPI depends on the available time, appetite for rental management, and need for liquidity. The two approaches complement each other in a diversified portfolio, provided that one does not concentrate all their savings on a single vehicle or in a single geographical area.
