The real estate market in 2024 is not just about rates or price per square meter. Several regulatory reforms have changed the rules of the game for investors, landlords, and buyers of primary residences. Succeeding in real estate in 2024 requires mastering these new parameters even before searching for a property.
Reformed DPE and small spaces: an overlooked negotiation lever
The method for calculating the DPE for homes under 40 m² was corrected on July 1, 2024. This recalibration can improve the energy label of certain small homes without any renovations. A studio previously rated F according to the old calculation method can shift to E, or even D, with the new method.
We observe that many buyers are still negotiating discounts based on an outdated DPE. Before scheduling thermal renovations or accepting a discount, it is essential to check whether the diagnosis was established before or after this date. A DPE prior to July 1, 2024, on a property under 40 m² deserves to be redone. The difference between two labels can represent several thousand euros in saved renovation costs or regained rental capacity.
Professionals who follow regulatory news via magazine-immobilier.fr identify these opportunities faster than those who rely solely on listed prices.
Le Meur Law and tourist rentals: what changes for rental investment
The law n° 2024-1039 of November 19, 2024 (known as the Le Meur law) has restructured the economy of tourist rentals. Three mechanisms directly affect the profitability of a seasonal rental project.
- Municipalities can now establish quotas for tourist rentals and strengthen the registration requirement, which reduces the predictability of future permits.
- The rental of primary residences as tourist rentals is limited to 90 days per year. This cap compresses the gross yield of mixed strategies (primary residence + seasonal rental).
- Since November 21, 2024, a change of use authorization in metropolitan areas requires a property rated A to E on the DPE. The threshold will change to A to D on January 1, 2034. A property rated F or G can no longer obtain this authorization, even if its location is highly sought after.
We recommend checking the DPE rating before any acquisition intended for seasonal rental. A property that appears profitable may become unexploitable if its energy label does not meet the new thresholds.
New construction in 2024: why the market has contracted
France recorded only 259,600 housing units started in 2024, according to the Sitadel database of the Ministry of Housing. This figure confirms a structural decline in new builds compared to older properties.
This contraction has several direct consequences for investment strategies. The supply of new properties is dwindling, which keeps the prices of new programs high despite the observed decline in older properties. Delivery times remain long, and developers are focusing their operations on the most commercially secure areas.
For an investor, this means that the older properties needing renovation remain the segment where negotiation margins exist. New properties, on the other hand, offer little flexibility on price but retain the advantage of builder guarantees and a favorable DPE upon delivery. The choice between the two depends on the tax profile and the ability to manage a renovation project.
Prospecting strategy and tools for real estate agents in 2024
The tight market pushes real estate professionals to refine their prospecting. Agents relying solely on listing portals face increased competition for the same properties. Three prospecting axes deserve prioritization.
The first concerns properties whose DPE has been recalculated. Owners of small spaces who discover an improvement in their label may consider a sale or rental that they had postponed. This is an underutilized pool of mandates.
The second axis focuses on tourist rentals that have become non-compliant. The Le Meur law has created a category of owners forced to rethink their rental strategy. Some will choose to sell. Others will seek to transition to traditional rentals, which requires support.
The third axis, more traditional, remains field prospecting in areas where new construction is no longer happening. The absence of new programs in a given sector strengthens demand for the existing stock and shortens sales timelines.
Mortgage credit and borrowing capacity: adjusting your financing plan
Mortgage rates experienced a measured decline in 2024 after the sharp rise of previous years. This relative easing does not bring conditions back to 2021 levels, but it reopens financing files that had been rejected.
We recommend recalculating borrowing capacity if a project was abandoned between 2022 and 2023. The combination of a slight decrease in rates and an adjustment in prices in older properties may be enough to make a purchase viable. The timing of the loan application is as important as the price of the property.
One last technical point often overlooked: banks now incorporate the DPE into their risk analysis for rental investments. A property rated F or G may lead to a less favorable rate or even a refusal because the bank anticipates a requirement for renovations that will strain the borrower’s cash flow.
The real estate market in 2024 rewards those who cross-reference regulatory, fiscal, and financial data before making a decision. A recalculated DPE, a law that came into effect in November, a historically low construction volume: these three facts are enough to invalidate strategies that were still working two years ago.
