Ile-de-France is a destination chosen by many investors in order to get a positioning Rent: Economically, this is the most important region, it creates jobs, offers more training courses for students and therefore generates a high demand for rent. 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 by the expansion of some existing connections. The new housing programs are particularly concentrated around 68 future stations, as many sectors to explore for those who want to exploit the Pinel system and its tax advantage.
We remind you that this year it offers a tax reduction of 12%, 18% or 21% on the purchase price of an apartment rented for six, nine or twelve years, at reduced rents and people subject to resources. Attention: 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 replaced by the Pinel +: the houses that will benefit from the current rates must either be located in a priority district of the city policy, or comply with certain criteria of minimum surface area, exposure (double 3-bedroom); they must also have a balcony and be very efficient in terms of the building’s energy consumption and carbon footprint.
So obviously accommodation in Pinel + will be more expensive: “Currently the classic two-room apartment of 42 square meters costs an average of 220,000 euros; it will instead be sold for 235,000 euros if it complies with the condition of the minimum of 45 square meters, to which the price of the balcony must be added. And the amount will be increased to take into account the additional production costs related to the RE 2020 (environmental legislation 2020), not to mention the current supply problems and the increase in energy prices, explains Stéphane Dalliet, managing director of the residential real estate division of Nexity. Pinel + will rather cost between 245,000 and 250,000 euros. ” However, the question of price is crucial in assessing the future profitability of your rental investment.
Heritage goal
Above all, we must methodically consider the operation, “to determine what endowment we really have, taking into account the current conditions of granting loans and the additional saving effort that we can make in the long term,” warns William Charles, associate director of Quintésens. It should also 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, asset engineer of Advenis Gestion Privée. A second ceiling on the price per square meter must be respected, set at 5,500 euros per square meter. “Of course, it is always possible to buy a house 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 be just the icing on the cake”. the cake: the investment must have a more patrimonial purpose, with the hope of a long-term capital gain “.
This ceiling is decisive in Ile-de-France. In many cities in the region, it is vastly surpassed in the nine. According to an analysis by the specialized company Adequation, the average price of new homes in the first quarter of 2022, including parking, 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 for less than 6,000 euros per square meter: the average price reaches 9,230 euros per square meter in Courbevoie, 7,550 euros per square meter in Asnières-sur-Seine, 5,900 euros per square meter in Colombe and Nanterre . Still in the western part of Paris, even moving away, in Yvelines, prices reach “8,650 euros per square meter in Versailles, 8,000 euros per square meter at least in Saint-Germain-en-Laye and more than 6,000 euros per square meter in Sartrouville, adds Farid Ailam. . To find cheaper ones you have to turn to other departments, Seine-Saint-Denis in the lead, due to its proximity to Paris and because it concentrates most 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. “
Rarity Pinel +
Another element analyzed by Adaptation is the type of housing: “Only 37% of the two-room apartments for sale have a minimum surface area of 45 square meters, corresponding to the criteria for benefiting from Pinel +, while this type of property is preferred by investors. , emphasizes Olivier Conus, Deputy Director of Development at Adequation. 74% of the three-room apartments measure at least 62 m² and 62% of the studios measure at least 28 m². For the latter type, only 57% of the properties offered have 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 that meets the requirements. Pinel + criteria: better focus on the current system.
“It will remain attractive in 2023, despite the reduction in the tax advantage, because eligible housing will be cheaper than Pinel +, for the same rent,” estimates Olivier Chatelin-Malherbe, Deputy Director General of Real Estate. at Vinci Immobilier. The promoters are asking for an increase in the tax exemption ceilings, given the new criteria imposed. But the devices scheduled until 2024, there is little chance that they will be changed. Investors will need to be very vigilant.
