A property owner renting out their apartment on Airbnb with a tax deduction of 50% discovers at the end of 2024 that this rate drops to 30%, and that their revenue threshold is divided by five. The real estate market in 2024 is not just about price curves: regulatory and tax changes have weighed as heavily as interest rates on buying and selling decisions.
Taxation of furnished tourist rentals: the real turning point of 2024
Law n°2024-1039 of November 19, 2024, known as the Le Meur law, has profoundly changed the taxation of furnished tourist rentals under the micro-BIC regime. For unclassified rentals, the deduction drops from 50% to 30% and the revenue threshold falls from 77,700 euros to 15,000 euros. For classified rentals and guest rooms, the deduction decreases from 71% to 50%, with a ceiling reduced to 77,700 euros.
We are already seeing a shift of some investors towards traditional furnished rentals or mobility leases. These two options, less profitable in the short term on paper, become competitive once the new tax situation is taken into account. To follow the real estate news on Déco et Jardin, this tax shift is one of the most discussed topics since the start of the school year.
Feedback varies on this point depending on the cities: in highly touristic areas, some owners maintain short-term rentals despite the loss of profitability, while in average markets, the shift towards long-term leases is accelerating significantly.
LMNP status and reintegration of depreciation: what changes for capital gains
Article 84 of the 2025 finance law introduces a mechanism that many investors had not anticipated. From now on, the deducted depreciations are reintegrated into the calculation of capital gains when reselling a property under the LMNP regime in the real system. Specifically, the acquisition price used to calculate the capital gain is reduced by the depreciations applied during the rental period.
For an investor who has depreciated their property over ten or fifteen years, the tax bill upon resale can increase significantly. This change prompts a rethinking of the holding strategy: hold longer to benefit from holding period deductions, or sell quickly before the accumulated depreciations weigh too heavily.
Who is really affected?
The most exposed profiles are multiple property owners under the real regime who had optimized their taxation through high depreciations. An owner of a single furnished studio feels the impact less. The text primarily aims to reduce the historical tax advantage of the LMNP compared to unfurnished rentals.
Transactions and real estate prices in France: where is the market at the end of 2024
According to Fnaim, the market reached its lowest level in 2024, with about 775,000 transactions, a decline of 11% compared to 2023. This is a decrease of 36% from the peak in 2021.
On the price side, after a drop of 4% in 2023, the trend has shifted towards gradual stabilization. The second half of 2024 marked a low plateau with a halt to the decline in volumes, suggesting a possible restart.
Credit rates: the easing that has revived projects
The gradual easing of credit rates throughout the year has allowed buyers whose projects had been frozen in 2023 to return to the market, particularly in the second quarter.
- The first quarter continued the trend of the 2023 crisis with low volumes and widespread wait-and-see attitudes.
- The dissolution of the National Assembly in June caused a temporary freeze on transactions, followed by a slowdown related to the Olympic Games in Paris and major metropolitan areas.
- The last four months of the year showed a clear dynamic, with a marked return of buyers to the market.
Expanded PTZ and energy-intensive housing: two concrete levers for buyers in 2024
The Zero Interest Loan has been refocused and expanded, offering new opportunities for first-time buyers. This scheme remains one of the few public boosts in a tight budgetary context. Its alignment with energy performance requirements pushes buyers to target recent or renovated properties.
Since January 2024, properties classified G in the DPE can no longer be rented. This ban has created an influx of properties on the sales market, often offered at a discount. For a buyer willing to finance energy renovation work, these energy-inefficient properties represent an entry point at a reduced price.
- G-classified properties sold at a discount allow for negotiating prices significantly lower than the local market, provided that renovation is budgeted at the outset of the file.
- MaPrimeRénov’ and local aids remain available, but processing times extend project timelines.
- The energy renovation market has become more structured, with more certified RGE craftsmen available than in 2023.
The 2024 real estate market has been marked by political, fiscal, and regulatory shocks as much as by economic fundamentals. Buying or investment decisions are now made as much on a tax spreadsheet as on a price per square meter estimate.
The stabilization of credit rates and the floor reached on transaction volumes leave a clearer ground for 2025. However, the new rules on furnished rentals and LMNP will continue to reshape investors’ strategies.