Task: find a rare pearl. To invest in a controlled-risk Pinel system, an investor must target a city that is dynamic enough to guarantee strong rental demand, yet prices remain reasonable to ensure long-term capital appreciation. Problems identified 6 cities that fit this profile. It is better to forget about the hypercenter of large cities and focus on their municipalities in the outskirts or medium cities. They are all located in zone B1, where Pinel’s rent ceiling is 10.51 euros per m². “This ceiling extends over the weighted surface of the living spaces, including extensions (open spaces) for half of their area,” recalls Marc Guillemoy, asset management consultant at Quintésens.
In selected cities, the Pinel threshold is just below market rent. But this gap, and hence the deficit, is growing in the very center of megacities. In addition, programs in Lyon, Bordeaux or Rennes do not allow full tax exemption for the amount of the investment, as prices lead to excess ceilings (real estate less than 300,000 euros, less than 5,500 euros per m²). As for the structure in place in some of the municipalities of the Île-de-France, in Lille, Lyon, Villeurbanne and soon Bordeaux and Montpellier, it does not affect operations, since the rent remains higher than that of Pinel’s device.
It’s a good compromise: Villenave-d’Ornon is ideally located south of Bordeaux, close to the motorways serving the Atlantic coast and Toulouse, and an 18-minute tram ride from Saint-Jean station. In ten years, the city, whose center is undergoing massive restructuring, has become a real transfer market for Bordeaux. At 4,500 euros per m², prices for new buildings remain more affordable than in the center of Bordeaux (6,000 euros per m²) Good conditions. 2 and 3 bedroom apartments are most sought after by young couples and families, with students preferring Talence, close to the University of Bordeaux, Kedge BS and numerous engineering schools. In addition, turnover in these premises is more limited than in studios, which minimizes the number of rental vacancies.
In terms of price, a 44 m² Pinel ceiling with a 9 m² balcony costs 552 euros. “This is 8% less than free rent, which is around 600 euros, but this difference is largely offset by tax benefits. Conversely, in the center of Bordeaux, the difference between the market and Pinel is 20%,” emphasizes Stephan van Haffel, Managing Director of Net Investissement. Attention: Bordeaux has to limit the rent during the year. Gradually applied to new rents, this structure will eventually drive down a market that will still remain above the Pinel threshold. “From this point of view, Bordeaux is not the best solution for investing in rentals, either old or new, except for the desire to invest exclusively in heritage,” Stefan van Haffel analyzes.