The reform of the reintegration of LMNP depreciation, applicable since 2025, changes the game for any real estate investment strategy based on furnished properties under the actual regime. Before comparing schemes or targeting a market, this tax constraint must be integrated from the project setup.
Reintegration of LMNP Depreciation: What Resale Changes
The calculation of the capital gain upon resale of an LMNP property under the actual regime now includes the depreciation deducted during the rental phase. In practical terms, the tax advantage obtained during operation is paid back upon exit. For an investor planning to resell in the medium term, the net profitability after tax can decrease significantly.
It is essential to distinguish between the depreciation actually deducted and those that remained in reserve. A ministerial response dated March 24, 2026, clarified this point: only the consumed depreciation is reintegrated into the capital gain calculation. Non-applied depreciation, stored in carryover, does not increase the tax bill upon transfer.
This mechanism does not treat all furnished residences the same way. Student or senior residences with services, nursing homes, and certain facilities for disabled individuals are excluded from reintegration. In contrast, tourism and business residences remain affected. Before positioning yourself on a type of furnished property, this distinction conditions the choice of investment vehicle.
Additional modifications to the LMNP regime were at the proposal stage in the finance bill for 2027, notably a proposed cap on the deduction of depreciation. The text could still evolve, and it would be unwise to build a strategy on unpassed measures. We recommend solidifying tax assumptions based on the current rule and incorporating a margin of caution.
To structure a rental project in this context, it is possible to access Peps Immobilier to invest with support tailored to current tax constraints.
Rental Real Estate Investment: Assessing Profitability Over the Complete Cycle
Most rental profitability simulators display a gross or net yield excluding charges, rarely a net-net yield that incorporates taxation upon resale. This gap leads to an overestimation of LMNP setups under the actual regime compared to unfurnished rentals or micro-BIC.
A real estate investment is judged over the entire cycle: acquisition, operation, sale. Three parameters must be modeled together:
- The annual net rental cash flow after tax, taking into account the chosen tax regime (actual, micro-BIC, micro-property) and the foreseeable evolution of charges
- The net capital gain upon resale, after reintegration of depreciation if applicable, allowances for holding duration, and social contributions
- The total cost of credit, including borrower insurance and any early repayment fees if the resale occurs before the loan term
A setup that generates a comfortable annual tax saving but triggers a heavy taxable capital gain upon exit may prove less effective than an unfurnished rental investment with modest cash flow but lighter exit taxation. The choice of tax regime thus depends on the intended holding period.
Real Estate Purchase Strategy: Target Properties to Renovate Without Overestimating Aids
The purchase of properties with low energy performance remains a lever for value creation. Gradual restrictions on renting out energy-inefficient properties push acquisition prices down, opening up negotiation margins.
A common trap is to integrate public aids (notably MaPrimeRénov’) as a given in the financing plan. The scales and eligibility conditions evolve each year, sometimes between the moment of the purchase offer and the submission of the application. A prudent strategy consists of sizing the renovation budget based on own funds and credit, then treating the aid as a bonus that enhances profitability without conditioning it.
Three points of vigilance for this type of operation:
- The projected energy performance diagnosis (DPE) after renovations must be estimated by a thermal study office, not by the contractor carrying out the work
- The regulatory calendar for rental prohibition (class G, then F) imposes a maximum delay between acquisition and completion of work to avoid involuntary rental vacancy
- The market value of the renovated property must be compared to the local market price for equivalent already efficient properties to ensure that the total cost (purchase + work) remains lower
Real Estate Market 2024: Arbitrating Between Rental Yield and Appreciation Potential
Tight rental markets offer lower gross yields but more stable asset appreciation. In contrast, medium-sized cities or suburban areas show higher rental yields, with a risk of vacancy and liquidity upon resale that deserves quantification.
The choice between current yield and capital gain depends on the financing structure. A heavily indebted investor needs positive cash flow to absorb monthly payments. An investor with liquidity can accept modest rental yield if the appreciation potential compensates over the holding period.
Diversifying between physical real estate and SCPI allows for combining both logics without concentrating risk on a single property. Yield SCPI distribute regular income while a well-located physical property capitalizes on land appreciation. Mixing the two in a real estate portfolio reduces exposure to a localized market downturn.
The final arbitration relies on a parameter often overlooked: the exit taxation weighs as much as the entry yield. An attractive yield loses its substance if the sale triggers a tax that absorbs several years of net rents. Modeling the IRR (internal rate of return) over the actual holding period, incorporating all tax flows, remains the only reliable method to compare two real estate investment strategies.
