End of Pinel: which property tax alternatives in 2026?

Quick answer. The Pinel scheme ended on 31 December 2024: you can no longer subscribe to it. The 2026 alternatives are the private-landlord status (deductible depreciation, created by the 2026 finance law), furnished letting (LMNP), the property deficit in older property, Denormandie, ownership dismemberment, and the Malraux or Historic Monuments regimes. None is universal: the right choice depends on your patrimonial objective and your taxation.

The end of Pinel left a gap that investors are seeking to fill. The legislator responded in 2026 with a new depreciation scheme, while the classic tools of older property and furnished letting keep their full relevance. The landscape is more fragmented than in the Pinel era, but also richer: each objective now has a suited vehicle.

At Hayot Expertise, we recall a simple rule: taxation must not dictate the investment, but inform it. An advantageous scheme on a poorly located property remains a poor investment. The right approach starts from the objective — extra income, immediate tax reduction, transmission — before choosing the tool.

This is 2026's main novelty. The "private-landlord status", from the 2026 finance law under the Relance logement plan, targets flats in collective buildings, new or old (for older property, at least 30% of the price in improvement works, notably energy), acquired between 21 February 2026 and 31 December 2028.

Its logic breaks with Pinel: instead of a tax reduction, it allows the deduction of part of the purchase price (a depreciation) from rental income, on top of the usual charges (works, interest, property tax). The annual deductible amount can reach 12,000 € depending on the very-social housing share, and the property deficit remains offsettable against overall income up to 10,700 €. In exchange, the dwelling must be let unfurnished as a main residence for at least nine years, within rent caps, outside the family circle. The scheme is open without income conditions on the landlord.

LMNP remains one of the most popular routes for lightly taxed extra income, thanks to depreciating the property under the actual regime; beware, however, of the reintegration of depreciation into the capital gain on sale, applicable since 2025. The property deficit is for those renovating older property let unfurnished. Dismemberment suits building wealth without increasing income tax. To go further, see our pointers on LMNP and depreciation and investing via an SCI.

• Denormandie. A tax reduction for buying an older dwelling to renovate (at least 25% of the cost in works) in certain towns, for acquisitions up to 31 December 2027. The reduction rate depends on the letting-commitment duration.
• Loc'Avantages. In exchange for a discounted rent and an agreement with the Anah, the landlord enjoys a tax reduction proportional to the rent effort made.
• Malraux. A tax reduction based on restoration works on buildings in a protected heritage area.
• Historic Monuments. Deducting charges and works with no offset cap in some cases, reserved for exceptional heritage and heavily taxed taxpayers.

These regimes follow strict conditions (zoning, caps, commitment). The choice is validated case by case, factoring in the overall cap on tax breaks.

• Investing via a company. An income-tax SCI, a corporate-tax SCI, or a family company change the taxation of income and resale: see our guide to creating an SCI.
• Closed schemes. Censi-Bouvard (serviced furnished residences) ended on 31 December 2022; Pinel, on 31 December 2024. Ongoing reductions keep spreading.
• Tax-break cap. Most tax reductions fall within the annual overall cap on tax advantages; the property deficit and depreciation, by contrast, are not tax reductions and escape this cap.
• Resale. Whatever the scheme, anticipate the capital gain on resale, which can absorb the initial tax advantage.

• Subscribing to Pinel. It is impossible since 2025: beware of offers still mentioning it.
• Choosing the scheme before the objective. The tax advantage never saves a poor location.
• Forgetting the exit. Reintegration of depreciation in LMNP, capital gain, commitment duration: the end of the operation matters as much as the start.
• Neglecting the tax-break cap. Tax reductions hit it; the property deficit and depreciation do not.

Recently, an owner came to us, disappointed at no longer being able to use Pinel for an investment already decided. Rather than seeking a substitute at any cost, we went back to his objective: extra income at retirement horizon, with controlled taxation. LMNP under the actual regime met this need better than any tax reduction, thanks to depreciation erasing a large part of the taxable rent.

Our conviction is that the post-Pinel era is not an impoverishment, but an invitation to reason by objective. The private-landlord status, LMNP, the property deficit or dismemberment cannot be compared in the abstract: they answer different projects. The mistake would be to chase the most visible tax advantage. The right method is to define the goal, then choose the tool, and finally check the exit.

Hayot Expertise tip. Before investing, state your objective in one sentence: income, immediate tax reduction, or long-term wealth. Each objective has a preferred scheme. Have the net yield after tax simulated, exit included, and check the location above all. It is this discipline, not the chase for a tax break, that builds solid wealth.