An apartment listed below market price in a sought-after neighborhood attracts dozens of visits within a few days. However, the gap between the listed price and the actual cost of the project can turn an apparent good deal into a financial pitfall. Real estate opportunities exist, provided you know where to look and, most importantly, what to look for.
DPE and thermal sieves: the trap that looks like a real estate opportunity
We regularly come across listings for properties rated F or G sold at a significant discount. The reflex is to think that the low price compensates for the necessary renovations. In practice, the calculation is rarely that simple.
As of January 1, 2025, a property rated G can no longer be rented in mainland France, nor can it be subject to lease renewal or extension. Properties rated F will be affected starting in 2028, and those rated E starting in 2034, according to the Climate and Resilience law schedule.
For a buyer aiming for rental investment, acquiring an energy-intensive property without a renovation budget amounts to buying an unusable asset. For a primary residence, the discount may still be attractive, but it is essential to accurately estimate insulation, heating system replacement, and ventilation before signing.
You can also check the real estate site of Le Terrier De Lily to cross-reference listings with filters on energy performance and identify properties whose DPE has been recently updated.
A often overlooked point: the value of an energy-intensive property can change without renovations if the method for calculating the DPE is modified. Checking the updated DPE certificate before dismissing or retaining a property remains a basic precaution.
Mortgage rates in 2026: how your borrowing capacity changes the search
Comparing listings without knowing your actual borrowing capacity is like searching for a car without knowing your budget. The average rate for new housing loans (excluding renegotiations) rose from 3.09% in July 2025 to 3.30% in July 2026, according to data from the Banque de France reported by Meilleurtaux.
This increase seems modest in percentage terms. However, over a long repayment period, it reduces the amount that can be borrowed by several thousand euros at a constant monthly payment. The real opportunity depends as much on the listed price as on the negotiation margin and the rate obtained.
Two concrete levers to improve financing
- Encourage competition among banks even before visiting. A broker or an online simulation can help you know your maximum envelope and identify banks that offer the best conditions based on your profile (down payment, job stability, desired duration).
- Negotiate the price of the property based on the DPE or the necessary renovations. A seller aware that their F-rated property will lose rental value in 2028 is more likely to accept an offer below the listed price.
- Check for active aid programs (zero-interest loans for first-time buyers in certain areas, local renovation grants). These programs change every year and are not always highlighted on listing portals.
Polarized real estate market: where to find real discounts
The market is not limited to a single trend of increase or decrease. According to the Engel & Völkers France market report published in August 2026, there is a polarization between immediately desirable properties and those requiring a price correction.
Specifically, a renovated apartment, well-rated on the DPE, located in a neighborhood with transport and shops, sells quickly and at price. In contrast, properties that combine several flaws (high floor without elevator, poor DPE, co-ownership with voted works) stagnate and see their prices drop.
Real estate listings: reading between the lines
Real estate listing portals display seller prices, not transaction prices. For a property on the market for several months, the negotiation margin can represent a significant portion of the initial price. You can identify these properties by monitoring the date of first publication and comparing it with the price per square meter in the neighborhood.
A rarely displayed but crucial criterion: the amount of co-ownership fees and the voted or upcoming works. An attractive price per square meter can hide five-figure calls for funds for facade renovation, elevator upgrades, or roof repairs.
Buying in VEFA or in the old: deciding based on your project
New real estate programs (VEFA) guarantee a DPE compliant with current standards and eliminate the risk of immediate renovations. Feedback on this point varies, but the main downside remains the delivery time, often several quarters, and a higher price per square meter than in older properties in comparable locations.
In older properties, you gain in location (city centers, established neighborhoods) and negotiation potential. The smart compromise often involves purchasing an older property in a good location, with a DPE of D or E, and budgeting a realistic renovation envelope to improve energy performance before the next regulatory deadlines.
- VEFA: reduced notary fees, builder guarantees, but higher price and delivery time to anticipate.
- Renovated old (DPE A to C): available immediately, few renovations needed, but low negotiation margin.
- Old to renovate (DPE D to G): possible discount, potential for value increase after renovations, but renovation budget to be estimated before making a purchase offer.
The choice between new and old cannot be made based on a generic comparison table. It depends on the project timeline, available down payment, and willingness to undertake renovations. A successful real estate purchase starts with a clear assessment of your own financial situation, not by sorting through the best-photographed listings.
