New real estate: disappearance of Pinel and geopolitical uncertainties further aggravate the housing crisis

"The quarters follow one another, are similar and get worse," worried Pascal Boulanger, the president of the FPI, in the introduction to a press conference.

The year 2025 had begun with a "start of a tremor in sales," explained Didier Bellier-Ganière, general delegate of the federation, but the momentum was "stopped dead in its tracks" by Emmanuel Macron's statements concerning geopolitical uncertainties in Europe and Donald Trump's all-out announcements.

According to FPI figures, 12.339 homes were put up for sale during the first quarter, down 16,5% year-on-year and more than half as many as in a "normal year" like 2019, according to Pascal Boulanger.

As for reservations in the first quarter, they fell by 10,3% compared to the same period in 2024 and amounted to 19.621, all types of accommodation combined.

Meanwhile, however, 26% of the projects have been withdrawn by developers, including "at least 20% for commercial reasons," Mr. Boulanger assures.

In detail, developers sold 12.920 homes to individuals in the first quarter (-5,6% year-on-year), 5.801 to institutional investors (-18,2%) and 900 in serviced residences.

The only good news is that sales of homes to individuals who are buying property increased by 9,8%, to 10.472, "an effect of the zero-interest loan" extended to the entire country on April 1, notes Mr. Bellier-Ganière.

On the other hand, housing reservations by private investors collapsed by 41,1% to 2.448, a consequence, according to the FPI, of the disappearance at the end of 2024 of the Pinel tax niche supporting rental investment.

The government has tasked two parliamentarians with working on a private landlord status to improve the attractiveness and profitability of rental investment. The goal is to incorporate measures into the 2026 Finance Bill.

Pascal Boulanger has "requested a draft amending finance bill to incorporate private landlord status as quickly as possible, which is almost ready. There's a lot of pressure; we can't wait for the 2026 Finance Bill."

Illustrative image of the article via Depositphotos.com.