35 and market pricesfar lower in very many cities

"The Government has considered the excesses of the previous device by a parliamentary report stressed, to protect individuals who can be encouraged to invest here where the State of the real estate market does not allow them to rent their property in optimal conditions", said Benoist Apparu, Secretary of State for housing, in a press release of July 2009 about the Scellier device. Less than a year later... and while about 100,000 homes have been sold to investors who have chosen the regime put in place early 2009, his speech has changed: rent ceilings applied to these locations will be reviewed downward before mid-July to "stick" more to the reality of market. In September, the cutting of areas A, B1, B2 and C will be changed for some communes of less than 50,000 inhabitants, - zone C today off device-, join the cohort of the cities where the Scellier sale is possible, and to "downgrade" certain other. "This Act to create housing where there need must not be a dead text, it must evolve," said now the Office of the Secretary of State.

Too ceilings

These changes of foot closely following the publication of several analyses of the rental market study, published in April by Immogroup Consulting, referring to differences of 5 to 50 between "ceilings" allowed for the Scellier housing rents (21,70 EUR/m2en zone A, 15,10 EUR in zone B1 and B2 zone 12.35 and market prices)far lower, in very many cities. "Two consequences: first, new housing rent not easily because they are too numerous and too expensive for the majority of the tenants, then investors can rely on promised profitability." The Government might have to worry about there long. "All previous tax devices led to the same effect," said Jean-Marie Ciuch, co-author, with Evelyne Colombani, of the study of Immogroup Consulting. These drifts, known, have been repeatedly denounced. But, compared to a tax carrot of 75,000 euros (a tax cut of 25 of the investment capped at 300,000 euros), reports and warnings of the forums on the Internet are not heavy. Candidates jostle and 65 of current customer of developers. Investors who are fooled to see their error until seek a tenant. For the moment, few buildings "scellier", sold on plan two years in advance, were delivered.

"In rent ceiling, there is a ceiling, argues Philippe Jossé, the Director of the housing of Bouygues Immobilier pole, which sells 60 of its production to investors." Of course, all housing cannot be displayed at the same price. 21,70 EUR, this is probably too low for the centre of Paris, too high for the second Crown. A Peyrefitte, for example we recommend our customers to rent their apartments to 12.95 euros and not to the maximum.

This is not on the "market" values actually practised, but of course these famous ceilings, that rely certain sellers to extol the cost-effectiveness promise to the purchasers. "They decide on these numbers, not by calculating a price per square metre as they get after a simple division." "Based on a theoretical rent too high, vendors are calculating backwards, profitability it also apply theoretical and lead to a real but generally too high price", regrets Olivier Boukobza, Director of the real estate Center housing of BNP Paribas Real Estate which is also a good share of its turnover with the Scellier. This is the first inflationary effect. The second stems from the practice of intermediaries: in some residences, accession to property and investors do not buy at the same rate of yet exactly similar apartments. First go to a traditional sales office. The latter are "standing sale" networks (often willing) prey such as Liins (a subsidiary of the Akerys group), Omnium Finance or wealth management consulting... these machines sell which turn developers to sell their inventory faster. The members of the Federation of developers-constructors have beautiful game show singled out, major groups shelter in their breast. "Even when we pass by the"House"system, we must pay its services to 11 of the selling price, which is mechanically up the price of the same percentage", was he excited a developer who prefers direct contact with the client. Bought too dear, these units are given in the rental market to high rents. "Rent ceilings declining would have an immediate impact on prices, think Jean-Pierre Gaufier, Director General of the promotion of the Crédit Agricole pole, on condition that developers want them down and they can without endangering the balance of transactions on land they would themselves have paid too much."

Poorly chipped rating

The revision of the zoning also share a good intention. Yet, last date, removing the C zone, the more rural was deception person since a hundred municipalities of these territories were reintegrated in area B2, often at the request of their elected representatives. "This time, says Adviser to Benoist Apparu, there will be no political rules." We will study the case of each city based on specific criteria such as the rate of rotation of the tenants, the vacancy rate, the rate of effort of households, the differential between the rents in the private market and those in the social sector. "Among the 170 municipalities on the territory of which it is currently possible to construct the Scellier under supervision, some will be"downgraded"in zone C. As the Government discourages also to social landlords to build in these territories to the very narrow market, it is is build over nothing, which promises a nice lift of shields. "Some mayors are very aware of risks and are willing to sign permits to build against a commitment to respect of rents of market and not to sell via networks." "They check playing customers mysteries", says Jean-Philippe Ruggieri, Director of the housing of Nexity pole. Like his colleagues, he wants a subdivision of area A comprising all of the Ile-de-France, the French Genevois and the Côte d'Azur to keep the figure of 21,70 EUR per metre square in the most tense areas. Developers looking forward to that are specified the measures announced. They will have to adapt programs underway to launch but not yet marketed.