A new property refers to real estate that has been completed for less than five years, never inhabited, and never resold. The purchase is most often made in sale in future state of completion (VEFA), meaning off-plan, even before the end of construction. This mechanism involves a schedule, guarantees, and specific fees that clearly distinguish it from older properties.
The market is currently experiencing a marked contraction phase. Reservations fell by 23.6% in the second quarter of 2026 year-on-year, according to the Federation of Real Estate Developers. Listings have decreased by 17.9% over the same period. This situation is gradually reducing the available supply, but it also opens up negotiation margins on existing stocks.
Reading a VEFA plan without making mistakes about the surfaces
Most buyers of new properties purchase a property they have never physically visited. Everything relies on the developer’s plan and the descriptive notice attached to the reservation contract. Knowing how to read these documents is crucial for satisfaction at delivery.
On a VEFA plan, the indicated surfaces correspond to the habitable surface as defined by law (floor areas, ceiling heights over 1.80 m, excluding walls, partitions, and embrasures). Balconies, terraces, and loggias are not included in this calculation. They appear separately, often weighted by a commercially variable coefficient from one developer to another.
Several elements of the plan deserve special attention before signing the reservation contract.
- The orientation of living spaces: a living room facing north in a region with little sunshine will affect thermal comfort and energy bills, even with insulation meeting RE 2020 standards.
- Load-bearing walls and technical shafts: their position is definitive and prevents any subsequent redistribution of spaces. Identifying them allows for assessing the actual modularity of the property.
- Ceiling height: the minimum regulatory standard is 2.50 m, but some developers offer 2.70 m, which changes the perception of space and resale value.
- Integrated storage: their presence or absence on the plan alters the surface area that can be practically used on a daily basis.
Comparing several programs based on these criteria allows for going beyond the simple question of price per square meter. The available listings on the Immobilier Neuf: 1 Clic, 1 Toit! website facilitate this comparison by grouping programs with their detailed characteristics.
Financing a new purchase: expanded PTZ and realistic simulation
Since April 1, 2025, the zero-interest loan is available for the purchase of a new apartment or house throughout France, subject to income conditions. The scheme is planned in its current form until December 31, 2027. This geographical extension changes the game for first-time buyers located outside the previous tight zones.
Incorporating the PTZ into a financing simulation requires knowing the maximum amount that can be borrowed at zero interest, the duration of the repayment deferral, and the applicable income ceiling for the household. These parameters vary according to the household composition and the property’s location.
Reduced notary fees and VEFA staggered payments
Notary fees for new properties represent about two to three times less than for older properties. This differential partially offsets a generally higher purchase price per square meter. The staggered payment of funds in VEFA is another lever: payment follows the progress of the construction, allowing the total amount to be paid only upon delivery.
The typical schedule provides for a payment upon reservation (capped at 5% of the price), followed by milestones at the completion of the foundations, at the waterproofing stage, at the air-tightness stage, and the remainder at delivery. This breakdown offers time to organize the resale of an existing property or to consolidate additional savings.
New property guarantees and recourse at delivery
The purchase in VEFA comes with protections that older properties do not offer. Three guarantees overlap after the handover of keys.
- Perfect completion guarantee: it covers all defects reported within the year following delivery, regardless of their nature and severity.
- Two-year guarantee: it protects for two years the equipment that can be detached from the building (shutters, plumbing, radiators).
- Ten-year guarantee: it covers for ten years damages compromising the solidity of the work or rendering it unfit for its intended use.
On the day of delivery, a reception report is established. All visible defects must be recorded. The reservations made trigger the developer’s obligation to correct the defects within a reasonable timeframe. A defect not mentioned in the report remains covered by the perfect completion guarantee if reported within the following thirty days by registered letter.
Jeanbrun scheme and rental investment in new properties
The Jeanbrun scheme has replaced the Pinel to support rental investment in new properties. Initial feedback shows a limited effect: the Federation of Real Estate Developers estimates that the Jeanbrun generates between 150 and 200 monthly reservations, compared to about 1,000 previously with the Pinel.
This gap is partly explained by more restrictive eligibility conditions and a tax advantage perceived as less attractive. For an investor, the net rental yield must be calculated without including the tax advantage as a primary variable. The yield primarily relies on the market rent, estimated vacancy rate, and condominium fees.
The timeframes for selling new properties remain very high, around 19.9 months according to data relayed by CAFPI. This abundant stock offers a negotiation window on prices, services, or ancillary fees, including for investors.
The choice between primary residence and rental investment determines the taxation, financing method, and selection criteria for the program. Confusing them leads to optimizing a purchase based on the wrong parameters, which remains the most costly mistake in new properties.
