Comparing new real estate programs available on the market requires knowing what to measure. Gross rental yield, price per square meter, applicable tax scheme, rental pressure in the area: these variables determine the relevance of a program for an investor. The context of 2026, marked by the replacement of the Pinel scheme with the Jeanbrun scheme and the expansion of the PTZ to the entire territory, reshuffles the cards between metropolitan areas and medium-sized cities.
Jeanbrun Scheme and Expanded PTZ: What Changes for Selecting a New Program
The Jeanbrun tax scheme, which came into effect on February 21, 2026, operates through a depreciation mechanism without zoning. In practical terms, a new program located in a medium-sized city can now offer a tax advantage comparable to that of a metropolitan area classified as a tight zone.
The initial figures confirm the effect of this change. Altarea recorded +54% sales to individual investors in the first quarter of 2026, after a collapse of over 50% the previous year. Nexity and Kaufman & Broad report a similar trend.
The PTZ, since April 2025, has become accessible everywhere in France for new builds, including for individual houses. In zone A, it can finance up to 50% of the project price for low-income households. This lever transforms the financing equation for programs that previously struggled to find buyers due to insufficient solvency of purchasers.
To identify programs that simultaneously benefit from these two schemes, specialized aggregators remain the most direct channel. Cross-referencing the available results on the Immobilier Neuf: 1 Clic, 1 Toit! website with the listings from developers allows for spotting eligible operations without restrictive zoning.
Rental Yield of a New Real Estate Program: Variations by Area
The removal of tax zoning by the Jeanbrun scheme does not mean that all territories are equal. Gross rental yield depends on the ratio between annual rent and acquisition price, two variables that evolve in opposite directions depending on the size of the urban area.
| Type of Area | Price per m² (trend) | Rents (trend) | Gross Yield |
|---|---|---|---|
| Metropolitan (zone A/A bis) | High | High but capped | Lower |
| Medium-sized City (former zone B2/C) | Moderate | Moderate but uncapped | Higher |
| Dynamic Peri-urban | Low | Variable depending on demand | Variable, risk of vacancy |
In metropolitan areas, the high entry price mechanically compresses the gross yield. In medium-sized cities, the more accessible price per square meter, combined with the absence of a rent ceiling imposed by Jeanbrun, can generate a significant yield gap.
A common pitfall is to compare only gross yields without factoring in the risk of rental vacancy. A new program in a city where rental demand is low will display an attractive theoretical yield, but a high vacancy rate negates any yield advantage.
Concrete Indicators to Check Before Signing
- The rental pressure rate of the municipality, available through local rental observatory data, indicates whether demand exceeds available supply
- The number of new programs already on the market in the same area helps assess direct competition in the local rental market
- The delivery schedule of the program determines the start date for rent collection and the timing of the first repayment deadlines
Reliability of the Developer and VEFA Guarantees: Criteria Not Shown by Comparators
Platforms searching for new programs display prices, areas, plans, and sometimes profitability estimates. They do not show the financial health of the developer or their delivery history.
However, the new build market remains under significant pressure. Sales of new homes continued to decline in 2026, and several developers are facing delivery delays due to sector difficulties. A program listed at an attractive price by a fragile developer can turn into a frozen construction site.
Three checks can reduce this risk:
- The extrinsic financial guarantee of completion (GFA), provided by a bank or third-party insurer, protects the buyer in case of developer default. It is mandatory in VEFA but its quality varies depending on the guaranteeing organization
- The number of programs already delivered by the developer in the same urban area gives an indication of their local operational capacity
- The pre-commercialization rate of the program at the time of reservation reflects market confidence. A program with less than a third of its lots reserved several months after launch deserves thorough analysis
New Real Estate Program for Investment: Balancing Taxation and Rental Fundamentals
The Jeanbrun scheme theoretically makes programs located in areas that did not interest investors under the Pinel regime attractive. This geographical opening is a lever, not a guarantee.
The tax advantage never compensates for a poor rental location. A tax depreciation reduces income tax, but it does not fill a vacant property. The right reflex is to first check the strength of rental demand, and only then to integrate the tax advantage into the net yield calculation.
The expanded PTZ across the entire territory also changes the market reading. New programs in relaxed zones, now accessible to first-time buyers via the PTZ, may see their residential attractiveness increase, which indirectly secures future resale for the investor.
The most discriminating data for choosing a program remains the ratio between the actual acquisition price and the observed market rent, adjusted for the local vacancy rate. Developers who present profitability simulations often use theoretical rents and a zero vacancy. Recalculating with data from the local rental observatory provides a more reliable picture of what the program will actually yield.
