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 as part of the 2026 Finance Bill.

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 property deficit cap is increased to €21,400 until 2027.

What is the Jeanbrun scheme?

The Jeanbrun scheme is a new real estate tax incentive included in the 2026 Finance Bill.

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.

Property deficit: the real revolution of the Jeanbrun scheme

Until now, property deficits could only be offset against rental income. The Jeanbrun scheme changes this approach: deficits generated, particularly through depreciation or renovation works, can now be directly offset against global income.

This tax mechanism represents a major breakthrough for investors. Even more significantly, the offset cap is exceptionally increased to €21,400 per year until 2027, instead of the usual €10,700. This lever allows for a substantial reduction in overall taxation, making rental investment more attractive, especially for highly taxed households.

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.

Subject to final adoption of the 2026 budget and publication of implementing decrees, the Jeanbrun scheme is expected to come into force around mid-February 2026.

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 geographic restriction
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.

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.