Jeanbrun Scheme: the real estate tax incentive replacing the Pinel scheme

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Since the end of the Pinel scheme in December 2024, real estate investors have been waiting for a new tax framework capable of addressing the challenges of the rental market. This is now the case with the Jeanbrun scheme, introduced by Article 47 of the 2026 Finance Act (law n° 2026-103 of February 19, 2026, published in the Journal officiel on February 20).

Who is it designed for? What concrete benefits does it offer to landlords? What conditions must be met? Winter Immobilier provides you with a comprehensive overview.

Key points to remember

• The Jeanbrun scheme replaces the Pinel law to revive rental investment from 2026.
• It is based on a dual tax benefit: annual property depreciation and offsetting of property deficits against global income.
• The property must be rented for a minimum of 9 years, with no zoning restrictions.
• For existing properties, renovation works representing at least 30 percent of the purchase price are required.
• The deficit generated by depreciation is deductible from global income within the general cap of €10,700 per year.
• Depreciation applies to 80 percent of the acquisition price including fees, and targets flats in collective residential buildings acquired up to December 31, 2028.

What is the Jeanbrun scheme?

The Jeanbrun scheme is a new real estate tax incentive introduced by Article 47 of the 2026 Finance Act, law n° 2026-103 of February 19, 2026, published in the Journal officiel on February 20.

It is named after the French Minister for Housing, Vincent Jeanbrun, who initiated the reform. Officially presented on January 20, 2026, the scheme aims to revive private rental investment by replacing the Pinel law, which ended in late 2024.

It is based on a reform of the private landlord status, long debated in Parliament and ultimately included in the revenue section of the 2026 budget, adopted through Article 49.3. This new, more incentive-based tax framework combines investment depreciation with an extended offsetting of property deficits, without geographic restrictions, with a clear objective: increasing rental housing supply in a tight market.

The key principles of the Jeanbrun scheme

Designed to encourage rental investment nationwide, the Jeanbrun scheme is built on two main pillars: annual tax depreciation and a long-term rental commitment.

An annual tax depreciation mechanism

The scheme allows investors to deduct each year a portion of the property’s value from their taxable income, depending on the rental level applied. This deduction ranges from 3 percent to 5.5 percent, with specific caps, for both new and existing properties.

A 9-year rental commitment

To benefit from the tax advantages, the owner must commit to renting the property for at least 9 years. This requirement aims to ensure long-term rental stability and sustainable market support.

Jeanbrun scheme: tax advantages

The main strength of the Jeanbrun scheme lies in its attractive tax treatment, adapted to the type of property and rental strategy. Deductible amounts vary according to clearly defined criteria.

New properties

Tax depreciation depends on the rental level: 3.5 percent for intermediate rent (cap of €8,000), 4.5 percent for social rent (€10,000), and 5.5 percent for very social rent (€12,000). The property must be new and rented for 9 years.

Existing properties

Eligibility is subject to renovation works representing at least 30 percent of the purchase price. Annual depreciation ranges from 3 percent to 4 percent depending on the rental level, with a single cap of €10,700. The property must also be rented for 9 years.

What the scheme requires, and what it excludes

The depreciation base represents 80 percent of the acquisition price, including notary fees and agency fees, with the remaining 20 percent standing for the value of the land.

The scheme does not apply to every type of property. It targets exclusively flats located in collective residential buildings, acquired between February 21, 2026 and December 31, 2028. The property must be let unfurnished, as the tenant’s main residence, to a tenant outside the landlord’s family circle. Detached houses are excluded, as are dismembered acquisitions. Buying through a company not subject to corporate tax, such as an SCI under the personal income tax regime, remains possible.

Property deficit and the Jeanbrun scheme: what actually changes

One point deserves to be set straight, since plenty of confusion surrounds it. The property deficit has always been deductible from global income, within the annual limit of €10,700. The Jeanbrun scheme does not create this possibility.

What the 2026 Finance Act actually brings is a decisive clarification: the deficit generated by Jeanbrun depreciation can also be deducted from global income, and not only from future rental income. This is the point that makes the mechanism genuinely attractive.

The cap itself does not change. It remains €10,700 per year, raised to €21,400 only for energy renovation works that upgrade a property from an E, F or G energy class to an A, B, C or D class, on expenses paid up to December 31, 2027. This higher cap falls under the general property deficit rules, it is not a Jeanbrun bonus, and there are no two allowances that add up.

The Jeanbrun scheme: a worked example

Take a new-build flat purchased for €300,000 including fees, let at the intermediate rent level. The depreciation base represents 80 percent of that amount, or €240,000. At the 3.5 percent rate, annual depreciation comes to €8,400, a figure above the €8,000 cap applicable to intermediate rent, which brings the deduction back down to €8,000 per year.

These €8,000 are deducted from rental income received. If the property result turns negative, the deficit is offset against global income within the limit of €10,700 per year. Over the nine-year commitment, the resulting tax saving therefore depends on two variables, your marginal tax bracket and the rent level you agree to cap.

Winter Immobilier’s view: the calculation deserves to be done well before signing. In Nice, the gap between market rent and the intermediate cap is wider than in most French cities. The tax benefit should therefore be weighed against a real rental shortfall over nine years, and this trade-off is decided property by property.

Expected objectives and economic impact

With the Jeanbrun scheme, the government aims to revive private rental investment and boost housing supply across the country, without restrictive zoning.

Several economic effects are expected in the short and medium term:

• Construction of 50,000 additional housing units per year.
• Estimated €500 million in annual tax revenue.
• Revitalisation of the construction and renovation sectors.
• Rebalancing of rental supply, including in less pressured areas.
• Stronger incentives for private wealth investment.

The scheme has been in force since February 21, 2026 and applies to acquisitions made up to December 31, 2028. Certain implementing decrees on rent and income caps are still pending, but the legal framework itself is now settled.

Winter Immobilier expert opinion: the Jeanbrun scheme sends a strong signal to the real estate market. It combines tax incentives, territorial flexibility, and a concrete response to the housing crisis. For investors, it represents an opportunity to position themselves with visibility and profitability within a redesigned tax framework.

Jeanbrun scheme vs Pinel law: what are the differences?

While the Pinel law ended in December 2024, the Jeanbrun scheme positions itself as a more flexible and more ambitious successor.

Here is a summary comparison of the main differences between the two schemes:

Criteria	Pinel law	Jeanbrun scheme
Type of tax benefit	Income tax reduction	Property depreciation and property deficit offsetting
Minimum rental period	6, 9 or 12 years	9 years mandatory
Investment cap	€300,000 per year and €5,500 per sqm	Annual depreciation caps depending on rental type
Geographic zoning	Zones A, A bis and B1 only	No zoning condition on entry, but rent caps that vary by zone
Existing property eligibility	Not eligible	Minimum 30 percent renovation works required
Property deficit offset	Not applicable	Up to €21,400 deductible from global income until 2027

Should you invest under the Jeanbrun scheme in 2026?

The Jeanbrun scheme is primarily aimed at private investors seeking to optimise their tax position while building rental assets. It is particularly suitable for highly taxed households, long-term investors, and owners planning significant renovation works.

However, certain points require attention: a 9-year rental commitment, capped depreciation, uncertainty regarding future rent ceilings, and reliance on forthcoming implementing texts. A personalised assessment is therefore essential. The Jeanbrun scheme is not the only lever available, our overview of French tax exemption schemes for property investment compares them all.

Winter Immobilier advises you

Would you like to buy property in Nice or on the French Riviera under the Jeanbrun scheme? Our team supports you in assessing profitability, optimising taxation, and securing every step of your rental investment.

Contact us today for a personalised study and benefit from expertise passed down through three generations, with tailor-made support available 7 days a week.