The French real estate market is undergoing a period of restructuring. After three years of declining transactions in the existing market, the recovery that began in 2025 has proven uneven: the SDES recorded a rebound in sales of existing homes, but data reported by the ACPR indicates a near stagnation in the first quarter of 2026, accompanied by a slight decline in prices. At the same time, the extension of the zero-interest loan and the tightening of energy regulations are reshaping the contours of a successful real estate project.
EPC and depreciation: energy diagnostics as a negotiation lever
Most real estate purchase guides relegate energy performance to a simple checkbox. The reality tells a different story. Since January 1, 2025, properties rated G are excluded from rental for any lease signed, renewed, or extended. Class F properties will follow in 2028, and class E in 2034, according to the timeline set by the Climate and Resilience Law.
This regulatory constraint has a direct effect on sale prices. Properties rated F or G now experience a more pronounced depreciation compared to those rated D than a few years ago, according to SeLoger data reported by Le Nouvel Économiste in September 2026. For a buyer, this situation opens up two distinct avenues.
The first is to target an energy-intensive property for renovation, incorporating the cost of the work into the overall budget. The second, more cautious approach, aims for a property that is already energy-efficient, which secures both the asset’s value and the ability to rent without restrictions. The real estate guide from Libre Finance details the financial trade-offs related to these two strategies, from profitability calculations to estimating available aids.
Expanded PTZ in 2026: real conditions and limits of the scheme
The zero-interest loan has been significantly restructured. Since April 1, 2025, the PTZ is accessible throughout the territory for the purchase of new housing, whether an apartment or a single-family home, by first-time buyers under certain income conditions. This extension, provided for in Article 90 of the 2025 Finance Law, remains valid for loan offers issued until December 31, 2027.
For existing properties, the rules differ. The PTZ remains subject to geographical conditions and a minimum amount of renovation work. The distinction between new and existing is therefore not a detail: it conditions the amount that can be financed and the eligible location.
What the PTZ does not cover
The PTZ finances a fraction of the purchase price, not the entirety. The remainder of the financing relies on a traditional loan, personal contribution, or a combination of both. Field reports vary on this point: some brokers indicate that some banks require a minimum contribution even with a PTZ, while others accept applications without a contribution, provided the borrower’s profile is solid.
Mortgage rates and borrowing capacity: state of play at the end of 2026
The context of mortgage credit has significantly evolved. After a sharp rise in rates between 2022 and 2024, the trend has stabilized, but the credit market has declined in recent months. Data from the Banque de France and the ACPR show that the production of housing loans remains below the levels observed before 2022.
For a buyer, this translates into several concrete realities:
- The maximum debt-to-income ratio remains set at 35% of net income, including borrower insurance, in accordance with the binding recommendations of the HCSF.
- The personal contribution expected by banks varies greatly depending on the profile: first-time buyers with stable income but little savings face different requirements than those applied to investors.
The available data does not allow for a conclusion of a significant decrease in rates for the coming months. Comparing multiple bank offers and consulting a broker remains the most reliable method to obtain conditions suited to one’s application.
Sale agreement and notarial deed: the costs that the budget must include
The displayed price of a property never corresponds to the actual cost of acquisition. Notary fees, often referred to as “acquisition costs,” represent a significant part of the budget, particularly in the existing market where they are higher than in new builds.
Beyond notary fees, several items are regularly underestimated:
- Loan guarantee fees (mortgage or bank guarantee), the amount of which varies depending on the chosen institution.
- Bank processing fees, sometimes negotiable but rarely waived.
- The cost of additional diagnostics requested after the signing of the sale agreement, especially if the EPC reveals anomalies or if a pest report is required.
- Any necessary compliance work, particularly for properties whose energy rating requires renovation before rental.
The signing of the sale agreement triggers a ten-day withdrawal period for the buyer. This period, which cannot be shortened, constitutes the last moment to withdraw without penalty. Once this period has passed, the suspensive conditions (obtaining the loan, absence of undeclared servitudes) remain the only legal exit routes.
The role of the notary beyond the signature
The notary does not limit himself to authenticating the sale. He verifies the legal status of the property (existing mortgages, servitudes, urban preemption rights), collects the funds, and proceeds to publication at the land publicity service. Financing must be finalized between the signing of the sale agreement and that of the final deed.
The real estate market of 2026 rewards buyers who master both the financial and regulatory aspects of their project. The extension of the PTZ, the constraints of the EPC, and the caution of banks regarding credit issuance form a triptych that no step in the purchasing process can ignore.
