Ile-de-France is a destination of choice for many investors, in order to make a rental investment: economically, it is the most important region, creating jobs, offering multiple training courses for students and therefore generating strong rental demand. And this dynamism is reinforced by the “construction site of the century”, that of the Grand Paris Express and the four new metro lines, as well as the extension of certain existing links. The new housing programs are particularly concentrated around the 68 future stations, as many sectors to explore for those who want to take advantage of the Pinel system and its tax advantage.
As a reminder, this year it is offering a tax reduction of 12%, 18% or 21% of the purchase price of an apartment rented for six, nine or twelve years, at capped rents and to people subject to subject to resources. Please note: in 2023, the rates will be reduced to 10.5%, 15% and 17.5%, and in 2024, to 9%, 12% and 14%. Because the Pinel regime is being replaced by the Pinel +: the dwellings which will be eligible for the current rates must either be located in a priority district of the city’s policy, or respect certain criteria of minimum surface area, exposure (double from 3-room); they must also have a balcony and be very efficient in terms of energy consumption and the carbon footprint of the construction.
So, inevitably, accommodation in Pinel + will be more expensive: “Currently, the classic 2-room apartment of 42 m² costs 220,000 euros on average; it will rather be sold for 235,000 euros if it respects the condition of 45 m² minimum, to which it will be necessary add the price of the balcony and the amount will be increased to take into account the additional manufacturing costs linked to RE 2020 (environmental regulations 2020), not to mention the current supply problems and the rise in energy prices, explains Stéphane Dalliet , managing director of the residential real estate division of Nexity. In the end, the average 2-room apartment in Pinel + will rather cost between 245,000 and 250,000 euros.” However, the question of price is crucial to assess the future profitability of its rental investment.
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Heritage aim
Above all, it is necessary to consider the operation methodically, “in order to determine what envelope we really have, taking into account the current conditions for granting mortgages and the additional savings effort that we can make on a long-term basis” , warns William Charles, associate director at Quintésens. Then, it must be remembered that the tax reduction is calculated on a maximum amount of 300,000 euros, “for one or two operations per year”, underlines Estelle Billi, heritage engineer at Advenis Gestion Privée. A second ceiling concerning the price per square meter must be respected, set at 5,500 euros per m². “Of course, it is always possible to buy a home at a higher price, confirms Farid Ailam, founder of Valorem Investissements. But this maximum threshold will be used to calculate the tax benefit. This will then only be the icing on the cake. the cake: the investment must have a more patrimonial aim, with a hope of long-term capital gain.”
This ceiling is decisive in Ile-de-France. In many cities in the region, it is largely exceeded in the nine. According to an analysis by the specialist firm Adequation, the average price of new housing in the first quarter of 2022, parking included, is 5,660 euros per m² in Ile-de-France, and 31% of the housing studied exceeds 5,500 euros per m². In the Hauts-de-Seine, it is difficult to find new properties at less than 6,000 euros per m²: the average price reaches 9,230 euros per m² in Courbevoie, 7,550 euros per m² in Asnières-sur-Seine, 5,900 euros per m² in Colombes and Nanterre. Still in western Paris, even moving away, in Yvelines, prices reach “8,650 euros per m² in Versailles, 8,000 euros per m² at least in Saint-Germain-en-Laye and more than 6,000 euros per m² in Sartrouville, adds Farid Ailam. To find cheaper, you have to turn to other departments, Seine-Saint-Denis in the lead, for its proximity to Paris and because it concentrates a good part of the new stations of the Grand Paris Express. There are many projects in Bobigny, Drancy, Villepinte, Le Blanc-Mesnil or Rosny-sous-Bois, for example.”
Pinel rarity +
Another element analyzed by Adequation, the typology of housing: “Only 37% of 2-room apartments for sale have a minimum surface area of 45 m², corresponding to the criteria to benefit from Pinel +, while this type of property is preferred by investors. , underlines Olivier Conus, deputy development director of Adequation. 74% of 3-room apartments measure at least 62 m² and 62% of studios measure at least 28 m². For this last type, only 57% of the properties offered are equipped with a 3-bedroom balcony. m² which will be mandatory.” Given the construction deadlines, it will therefore be difficult for an investor next year to find an apartment corresponding to the Pinel + criteria: it is better to concentrate on the current system.
“It will remain interesting in 2023, despite the reduction of the tax advantage, because eligible housing will be cheaper than for Pinel +, for the same rent ceilings”, estimates Olivier Chatelin-Malherbe, deputy director general of real estate. housing and regions at Vinci Immobilier. Promoters plead for an increase in tax exemption ceilings, given the new criteria imposed. But the devices being planned until 2024, there is little chance that they will be modified. Investors will have to be extra vigilant.
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