The French real estate market in 2026 shows contradictory signals depending on whether we look at transaction volumes, prices per square meter, or credit conditions. The recovery from the low point of 780,000 sales in 2024 is clear, but the level remains far from the million reached in 2021. Understanding these discrepancies requires analyzing several indicators rather than relying on a single barometer.
Sales Volumes and Available Supply: Old vs New in 2026
The gap between the old and new markets remains one of the least commented angles, even though it directly influences buyers’ choices. The Interkab Observatory reports a growth in the supply of homes available for sale in the second quarter of 2026 and an increase in signed agreements compared to the previous quarter.
This dynamic is not mirrored in the new market. The Federation of Real Estate Developers (FPI) tracks private promotions on more than half a million transactions, and quarterly data shows that the supply of new homes and listings remains under pressure.
| Indicator | Old | New |
|---|---|---|
| Transaction Volume (2026 trend) | Gradual recovery | Construction still lagging after two years of crisis |
| Available Supply (Q2 2026) | Rebuilding (source: Interkab) | Under pressure, limited listings |
| Signed Agreements (Q2 2026) | Up compared to Q1 2026 | Slight recovery according to FPI |
| Prices | Overall stabilization | High prices maintained due to supply scarcity |
The increase in volumes in the old market masks a very different situation in the new housing sector. For buyers hesitating between the two segments, the available data on the Monde Immobilier website for real estate allows for price and property comparisons by location.
Mortgage Credit and Borrowing Rates: The Persistent Brake
The recovery in volumes does not mean that access to credit has normalized. Borrowing rates, after rising sharply between 2022 and 2024, stabilize in 2026 at a level that remains higher than that of the previous decade. This plateau is enough to exclude a portion of first-time homebuyers.
On the other hand, buyers with significant personal contributions benefit from a market where sellers are more willing to negotiate. The negotiating power of solvent buyers has strengthened since the low point of 2024, particularly for properties poorly positioned in price or classified as energy sieves.
Profile of Borrowers Who Obtain Credit
- Personal contribution representing at least 10 to 15% of the property’s price, an almost systematic requirement for banks in 2026
- Debt ratio strictly limited to 35% of net income, HCSF standard still in effect
- Loan duration mostly capped at 25 years, with a marked preference from institutions for shorter durations
This constrained credit context partly explains why the market is recovering without returning to pre-2022 levels. Real estate projects are materializing more slowly, with sales timelines remaining extended for properties with unfavorable energy performance diagnostics (DPE).
Energy Renovation and Rental Taxation: Two Reforms Reshaping the Market
Two recent regulatory developments are changing the calculations for landlord owners. The first concerns energy renovation. The decree of August 17, 2026, published in the Official Journal on August 23, now reserves the CEE “major renovation” grant for properties classified E, F, or G before work. In some cases, the installation or maintenance of equipment using fossil fuels is excluded from the scheme.
The date of commitment is set as the acceptance of the quote, which requires owners to plan their work in advance to benefit from the financing.
MaPrimeRénov’ and Work by Gesture: What Changes in September 2026
Decree No. 2026-822 of August 25, 2026, will end, as of September 1, 2026, the financing by gesture for several categories of work. Owners planning to renovate their property room by room must rethink their strategy: only comprehensive renovations remain eligible for financing for the least efficient homes.
The second reform affects the taxation of furnished rentals. The draft finance law for 2027 plans to trim the tax advantages of the non-professional furnished rental status (LMNP), with a cap on depreciation and a budget saving estimated at 200 million euros by the government. The stated goal is to reduce imbalances between unfurnished and furnished rentals.
- CEE major renovation grant reserved for properties E, F, or G (decree of August 17, 2026)
- End of MaPrimeRénov’ financing by gesture on September 1, 2026 (decree No. 2026-822)
- PLF 2027: capping of LMNP depreciation, freeze on APL, trimming of furnished rental advantages
Rent Control and Budget 2027: The Decisions to Watch
Regarding the 2027 budget, housing appears relatively preserved, but APL are frozen. For both owners and tenants, the combination of extended rent control to new municipalities and tightened rental taxation redefines the profitability equation.
The real estate market in 2026 is characterized by a gradual return of buyers and sellers, without regaining the fluidity of before the rate hike. The reforms of September 2026 on energy renovation and the fiscal adjustments of the PLF 2027 are the two variables that will weigh most heavily on buying, selling, or renting decisions in the coming months.
