The new housing market is going through a transitional phase where conflicting signals are accumulating. Construction starts are on the rise again, the PTZ has just been expanded to cover the entire territory, but sales volumes to individuals remain below historical standards. Investing in new real estate today requires correctly interpreting these signals and balancing between revised tax incentives and a still unstable price context.
Discrepancy between construction starts and sales: what the first half of 2026 reveals
In the first half of 2026, more than 157,000 housing units started construction in France, nearly 30% more than in the first half of 2025. Building permits reached 192,100 units, up 4.2% year-on-year. The signal seems positive.
We observe a structural discrepancy: permits over the rolling twelve months (July 2025 – June 2026) remain about 8% below the average of the previous five years. The recovery in construction does not indicate a return to normal, but rather a partial catch-up after two years of deep crisis.
On the sales side, the market remains described as “moribund” by several industry observers. Developers are delivering projects launched before the crisis, which inflates construction starts without the final demand keeping pace.
For an investor, this situation creates a favorable power dynamic: new supply exceeds demand, which opens up negotiation margins on prices and services. Some developers are offering commercial discounts, covering notary fees, or providing furniture packages to clear their stocks.
Comparing available offers through specialized platforms like immobilierneuf1clic1toit.fr allows for measuring these price discrepancies within the same geographical area and identifying programs where negotiation is realistic.
PTZ expanded to the entire territory: real impact on investment in new properties
The reform of the zero-interest loan that came into effect on April 1, 2025, changes the game for access to new properties. The PTZ now covers all new housing, both collective and individual, across all zones (A bis, A, B1, B2, and C), until December 31, 2027.
Before this reform, the new PTZ was limited to collective housing in tense areas. Individual houses and rural municipalities were excluded. The removal of this restrictive zoning opens access to households that previously had no subsidized financing lever to buy new properties.
Eligibility conditions to know before preparing a file
The scheme remains reserved for first-time buyers, meaning purchasers who have not owned their primary residence in the last two years. The PTZ only finances the primary residence: it does not apply to a direct rental investment purchase.
For a wealth investor, the strategy often involves acquiring a new property as a primary residence via the PTZ, then renting it out after the mandatory occupancy period. This arrangement, perfectly legal, requires adhering to the minimum occupancy durations set by the scheme.
- The amount of the PTZ can reach up to 40% of the property’s price, depending on the zone and household income.
- The loan is cumulative with other access aid schemes (conventional loans, local community aids).
- Income ceilings vary according to household composition and the location of the property.
Builder guarantees and RE 2020 standards: the real differential with the old
The price gap between new and old is partly justified by a framework of guarantees that the old cannot offer. The ten-year guarantee covers structural defects for ten years after delivery. The one-year perfect completion guarantee and the two-year equipment guarantee complement this system.
In the purchase of old properties, the buyer bears the risk of hidden defects with long and uncertain recourse. In new properties, the developer remains contractually bound, which reduces the financial risk post-acquisition.
Energy performance and rental value
New housing delivered since 2022 complies with RE 2020, which imposes significantly stricter energy consumption and carbon emission thresholds than RT 2012. For rental investment, the direct consequence is twofold.
On one hand, a property rated A or B on the DPE is not subject to the progressive rental bans affecting energy-inefficient properties. A new property protects against the regulatory risk of rental prohibition. On the other hand, reduced energy costs provide a tangible argument for tenants, which limits vacancy rates and supports rent levels.
New purchase strategy: decisions to make in 2024-2026
The choice between VEFA (sale in future state of completion) and completed new housing alters the risk profile. In VEFA, the buyer benefits from staggered payment calls over the duration of the construction, which eases cash flow pressure. In return, they bear the risk of delivery delays and must verify the financial solidity of the developer (mandatory financial completion guarantee).
We recommend prioritizing programs where the pre-commercialization rate exceeds half, indicating that the financing of the construction is secured and that the developer is less likely to delay delivery.
- Check the extrinsic financial completion guarantee (GFA), issued by a banking institution or an insurer.
- Compare the price per square meter with recent transactions in the neighborhood, both new and old, to measure the actual premium of new properties.
- Analyze the rents practiced locally to estimate the gross yield before committing, taking into account the rent ceilings if a tax scheme is mobilized.
Investing in new real estate remains relevant as long as it is not reduced to a tax advantage. Profitability is built on location, negotiated purchase price, and property quality, not on a tax exemption scheme that can disappear with each finance law. A well-located property, delivered to current standards, and purchased at the right price retains its heritage value regardless of legislative changes.