The French real estate market is undergoing a correction phase that is reshuffling the cards for both investors and primary residence buyers. Energy-intensive properties classified as F or G are experiencing a significant depreciation in the old market, while energy-efficient homes are maintaining their value. This price divergence, documented by the economic notes from the Notaires de France published in 2024, is the defining feature of the current period.
Thermal sieves and rental strategy: the real arbitration of landlords
The ban on renting out G-classified homes, effective since 2023, and the planned extension to F-classified homes are profoundly altering the economic calculations of small landlords. We observe two clear trajectories: heavy energy renovation or resale with depreciation.
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The cost of a comprehensive renovation (insulation, ventilation, replacement of the heating system) often exceeds the budget initially planned by the owners. The 2023-2024 reports from ANAH and the National Observatory for Energy Renovation confirm that landlords are massively arbitrating between renovation and sale. For an old rental investment, the energy class of the property now conditions net profitability as much as the location.
The central question is no longer whether renovation is profitable, but over what horizon. A property classified as F located in a tight area may justify renovations if the post-renovation rent compensates for the investment over a reasonable period. In relaxed areas, resale almost systematically becomes necessary. Exploring the real estate universe of Partagez allows for cross-referencing these parameters with local price dynamics and rental demand.
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Electronic invoicing: what changes for real estate agencies
The rollout of mandatory electronic invoicing between businesses, outlined in the 2024-2026 schedule of the anti-VAT fraud law, directly affects real estate agencies and property managers. FNAIM and UNIS have been publishing specific guides since 2023 on adapting rental management software.
Three simultaneous projects are required for professionals:
- The dematerialization of invoices for work and fees, with a structured format compliant with regulatory specifications (Factur-X or UBL)
- The integration of a partner dematerialization platform (PDP) or the use of the public invoicing portal for issuing and receiving
- The compliance of data retention periods, which vary according to the type of document (invoice, receipt, charge call)
For property managers managing multiple condominiums, the transition to electronic invoicing necessitates a redesign of accounting flows. Not all legacy business software natively supports the structured format, leading to integration costs or a change of tools.
Disputes over online estimates: an underestimated risk
Several feedback reports published in 2023-2024 by consumer associations (UFC-Que Choisir, CLCV) document a rise in disputes related to online real estate estimates. The discrepancies between the value displayed by an algorithmic tool and the actual selling price reach levels that pose a trust issue.
These tools operate on databases of past transactions and statistical models. Their reliability depends on the granularity of the data available for the relevant geographic area. In areas where transactions are few, algorithmic estimation can mislead both sellers and buyers.
We recommend never basing a buying or selling decision on a single online estimate. Cross-referencing with a value opinion conducted by a local professional remains the most reliable method for approaching market price.
Old property prices: the energy divide by property type
The drop in prices observed in the old market does not affect all segments uniformly. The Notaires de France note that energy-intensive old apartments concentrate most of the correction, particularly in major cities like Paris, Lyon, Bordeaux, and Montpellier.
Individual houses are faring better, including those with average energy performance. Several factors explain this divergence:
- Houses offer more flexibility for gradual insulation work (attics, exterior walls) without condominium constraints
- The post-Covid demand for houses with outdoor space remains strong in suburban areas
- Energy-intensive apartments in condominiums face the dual disadvantage of unfavorable energy performance diagnoses and the difficulty of voting for collective work in general meetings
A G-classified apartment in an old condominium is currently the riskiest segment of the French residential market. The depreciation at purchase may seem attractive, but the actual cost of compliance, contingent on the condominium’s vote, remains unpredictable.
High-performance properties: a consolidating premium
In contrast, properties classified A, B, or C benefit from a price premium that has strengthened since 2023. This premium reflects both the reduction in energy costs for the occupant and the absence of short-term regulatory constraints for the landlord. In a rental investment project, the energy class now weighs as much as location in the profitability calculation.
The French real estate market is thus segmented along an energy divide that structures decisions on purchasing, renovating, and renting out. Professionals who incorporate this framework into their advice provide tangible value to their clients, where a purely geographic approach to prices is no longer sufficient.