End of the suspense or almost on the future of Pinel, the tax advantage for buyers of new housing for rental. The Minister of Housing, Emmanuelle Wargon, unveiled, Thursday, October 14, the future modalities of the device, engaged on a ” decrease trajectory ”With an end scheduled in 2024.

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The current tax reduction rates of 12%, 18% and 21% of the acquisition cost (in metropolitan France) for rental commitments at capped rents for 6, 9 and 12 years respectively, should therefore be reduced in 2023 at 10.5%, 15% and 17.5%. For 2024, it will be 9%, 12% and 14%. The decree setting these new criteria should be published by the end of the year, the ministry said.

Additional constraints

The “Pinel” device, renamed “Pinel +” could nevertheless be kept in its current form, but under certain very strict conditions. Housing should be located in a priority area of ​​city policy. Its design should ” go faster and further in environmental matters Than what is already provided for in the future RE 2020 regulations, and meet specific criteria.

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The text in preparation imposes a minimum surface: 28 m2 for a T1, 45 m2 for a T2, 62 m2 for T3, 79 m2 for a T4 and 96 m2 for a T5. The accommodation must also include a private outdoor space. The T3 must also have a double exposure. These provisions are taken from the report submitted to the government in September by Laurent Girometti, the managing director of Epamarne, and the architect François Leclercq, aiming to set up a “quality benchmark” for collective housing.

A criticized device

This tax support for rental investment was instituted in January 2015 by the former Minister of Housing, Sylvia Pinel, who gave it its name, as tradition dictates. Like these predecessors (such as the “Duflot” where the “Scellier”), it has been regularly put under the spotlight, particularly in view of its cost to the State.

In a very severe report published at the end of 2019, the General Inspectorate of Finance (IGF) thus evoked a charge of 2 billion euros per year ” cruising speed “. She was pointing her finger at a “ device difficult to control ” as well as a “ certain standardization of housing and sometimes poor quality of use “. Arguments disputed by professionals.

Fears of market destabilization

In tense areas, rental investment aid would represent almost half of new home sales. In its report, the IGF also recognized that this tax support had favored “A significant development of the private rental offer”. He also warned against its deletion which could lead to “Disturbances in the capacity to build of a magnitude and of a duration difficult to anticipate”.

This is precisely the fear expressed today by promoters in the face of the gradual disappearance of “Pinel”, while the sector has still not recovered to its levels before the health crisis, in particular because of the difficulties in obtaining building permit.

For its part, the government is putting forward a very gradual exit from the device and announced very early on. Professionals hope, for their part, that the electoral deadlines for next year reshuffle the cards.


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