These are also the most expensive regions

Typically, a fiscal stimulus is between six months and one year to turn at full speed in rental real estate. This time, the French were immediately hooked to the Scellier mechanism. Alone, noted Marc Pigeon, President of the Federation of manufacturers-promoters France. The ease of understanding of the mechanism there is no doubt not foreign. Instead of a depreciation, as in the texts previous Besson, Robien Borloo, it's a tax cut. It is up to 75,000 euros over nine years for a classical Scellier, equivalent to 8.333 euros per year. And if the amount of the reduction exceeds tax payable in a year, the balance may even be carried on the following six years. Therefore, the bargain has not escaped to investors. They have more interest to enjoy the tax benefits of the Scellier may be cropped in the next budget law.

But it would be well reducing does hold that this aspect of things. Incitement occurs in an environment that has rarely been as favourable to the purchasers. Everything is at the lowest prices, interest rates, rents. But as it may, there also, not last, we have to focus without delay.

1. The prices have reached their floor

"The number of bookings of new housing amounted to 5.794 units in the first half of 2009, or 30.7 more than in the first half of 2007", it indicates in Nexity. Result, those who continue to wait for the decline are likely to be disappointed: the housing prices, which were a little more than 3 lower to those of the first half of 2008, regained vigour and found values close to those of prior to the crisis. As the shortage of construction threatens, developers who preferred the flow of their stocks to the launching of new operations. And even if they provide new launches, marketing will not immediately. The pressure on prices will therefore go to grow in the coming months. For evidence, rental investment, housing prices increased from 3.350 3.511 EUR/m2, note t - on in Nexity. An increase which, for the promoter, is explained by the refocusing of the investment on areas where the offer is more tense. These are also the most expensive regions. "It does not increase program, defending Alain Dinin, the boss of the group. But we are still on an inflationary land found neighbouring price from 2007 levels, banks being more responsive to finance new programs.

2. Interest rates are low

Private investors struggling to fund early in the year, benefit, too, this largesse. As the banks need to achieve their goals. Result Rate schedules still adjust downwards from 0.05 to 0.10 point for best profiles, says Empruntis in his latest barometer. "The evidence that banks continue to pull borrowers in high-potential", said the broker. Over fifteen years, offer fixed rate starts to 3.80. Investors who have borrowed at the end of the year will be welcome in some time, when inflation will leave.

3 Capped rents are not a constraint

The tax reduction is obtained at the cost of a return. Rent meet ceilings. But in this case, the legislature has provided well wide: the market does not reach the levels posed as the limit! Thus the 21,65 euro/m2/month in zone A (Paris region, Paca, Geneva); either the Euro 15.05 in zone B1 (cities with more than 250,000 inhabitants, Mediterranean); or even the 12.31 euros in area B2 (more agglomerations of 50,000 inhabitants...): all are higher than those on the ground.

In view of the deterioration of employment, a fall in rental values is still anticipated (-0,8 this year against 2.1 in 2009, representing almost 3 points difference). Despite this, performance opportunities are among the most interesting market investments, since, with the effect of leverage of debt and the tax saving, they can reach the internal rate of return of 7 to 11 in the cities.

4 Additional benefit for the "social" option

From this point of view, the option of the intermediate Scellier may be winning. Its "social" connotation is also not appropriate. If the ceilings set for this device variation are lower than those of the classical Scellier, they are often closer to the reality of the field, to 17,32 euros in zone A, zone B1 12.04 and 9,85 in area B2. In zone A, many cities in the Paris region do not exceed the ceiling imposed. Same thing in zone B1, for example in cities such as Orléans (9.9 euros/m2) and Rennes (11.5 EUR/m2), or in area B2 in municipalities such as Reims (8.6 euros/m2) and Nîmes (9.80 EUR/m2). And the additional tax benefit is of size. Over fifteen years, the tax saving can reach 37 of the investment, either 111.000 euros. Not to mention the lump sum discount of 30 on rental income and the allocation of land deficits on overall income.

However, should not forget that side of classical or intermediate, Scellier plans Robien and Borloo remain an option until the end of the year. They can be more attractive to the taxpayer. "A couple with two children receiving more than 140,000 euros a rather investing in Robien," says Gilles Tocchetto, responsible for studies in the broker Infinitis. In other words, more tax on income is high, more depreciation becomes relevant.