In 2022, Benoît Wuzyk wants to buy an apartment. But in Rueil-Malmaison (92), the prices, which are around €8,000 per m², are inaccessible to him. He then realizes that he is eligible for the real joint lease (BRS). With this system, he managed to obtain, for himself and his family, a 5-room apartment in his neighborhood, for €398,000, or €4,200 per m².
Benoît only owns the walls of his apartment. The land on which his building is built belongs to a solidarity land office (OFS), to which the Francilien pays a “royalty” of 190 euros per month. In addition to the reduced purchase price, the new owner was eligible, at the time of purchase, for a zero-interest loan (PTZ) for part of his loan. Enough to limit the cost of the financial transaction.
1,012 BRS housing units existed in France at the end of 2022. Whether apartments or pavilions, the majority are new
According to the latest assessment drawn up by the “Réseau Foncier Solidaire” group, 1,012 BRS housing units existed in France at the end of 2022. Whether apartments or pavilions, the majority are new. By separating land from buildings, this real estate arrangement guarantees prices much lower than those on the “free” market, giving rather modest households an opportunity to buy their own housing. At the end of 2022, the average reference tax income of a couple with two children was only €29,507.
BRS owners are obliged to make their property their main residence, which helps slow the growth of second homes in the areas where they are located. Another objective of the system: to fight against speculation. Lessees of the lease cannot resell their property at any price. This is capped at the initial purchase amount, increased by any capital gain limited to improvement work. Land also escapes the price war, since it is not resold, but kept in the hands of the famous OFS.
Indispensable support from communities
The BRS was first adopted « in tourist areas and tense areas of metropolises »describes Hélène Morel, author of an action memoir on the OFS. The mechanism quickly attracted the New Aquitaine, Brittany and Normandy regions, which alone account for three quarters of operations.
“If one can buy on the open market at 3 000 € per m², doing BRS at €2,400 with a fee to pay, it’s not necessarily interesting. This product makes less sense in the middle of Auvergne than in the Parisian suburbs”points out Jean-Emile Barra, director of development and institutional relations at Runimmo, a delegated commercial department on behalf of developers and lessors.
However, the BRS is not limited to urban areas, especially as it sometimes struggles to develop in the most tense areas.
The commitment of local authorities then appears to be a factor of success. These intervene in particular to facilitate access to land for OFS, for example by making available to “built heritage belonging to the community”explains Suzanne Brolly, vice-president in charge of town planning at the Strasbourg Eurometropolis.
In Vendée and Charente-Maritime, the OFS Terra Noé “do not buy directly at market price”confirms Michaël Jungers, general director of this organization.
“We capture land thanks to municipal wishes: either it is land sold off, or the mayors manage to convince private owners to sell at a reasonable price. »
Some communities intervene in a more direct way: “Our local housing plan provides that in any construction operation of more than 15 housing, a share is reserved for BRS »explains Nathalie Demeslay, head of the housing department of the Rennes metropolis. The “Rennes Foncier Solidaire” OFS, financed entirely by Rennes Métropole, then buys housing from the developer in charge of the operation.
Potential perverse effects
In the absence of public aid, other OFS resort to very long-term loans from the Caisse des Dépôts. These loans are then repaid thanks to the famous fee charged to households. “The more expensive the land, the higher the fee will be”notes Jean-Emile Barra. Conversely, OFS which do not resort to borrowing are able to offer very low fees – €0.15/m² in Rennes for example.
Arnaud Portier, director of EPFL Basque Country, warns of the potential perverse effects of this system:
“Some developers are taking advantage of this to increase land prices, because they know that communities will line up to be able to produce BRS ». For this reason, its OFS does not include communities within it: “We did not want to find ourselves faced with pressure from elected officials wishing to carry out operations in BRS, which would have forced us to buy back land acquired by private developers at prices disconnected from reality. »
Faced with these potential abuses, many OFS take on a regulatory role, whether or not they resort to borrowing. Some set ceiling prices for the purchase of their land. “We define our purchase prices on the basis of a royalty between 1 and 1.50 € the m² »exposes Mickaël Jungers.
This rigor sometimes prevents the development of BRS in very tense areas, where prices remain too high, especially without political support. “The OFS alone cannot regulate land prices, it is the role of the communities”defends Juliette Grenier, project manager at the Federation of HLM Cooperatives.
Low-income households on the verge of exclusion?
The rise in interest rates and construction costs has led the public authorities to raise the income ceilings of households eligible for the system
The rise in interest rates and construction costs in recent years has led public authorities to raise the income ceilings of households eligible for BRS in order to be able to sell more expensive properties. Even if the actual prices of housing remain below the ceilings set by law, this revision could lead to the exclusion of the most modest buyers.
Depending on the operations and the number of applicants, certain OFS therefore set additional criteria: prioritization of single-parent families, first-time buyers, etc. The amount of the fee also has an impact on the profiles of buyers, explains Hélène Morel:
“It is potentially solvent: when a property offers a very high fee and a very low sale price, this makes it possible to reach households who have little debt capacity. »
Despite these safeguards, other parameters potentially risk excluding certain modest buyers in the long term, as Jean-Emile Barra worries. “A household that wishes to repurchase housing in BRS from a first buyer must be eligible for the system, but will have neither the right to PTZ nor other tax advantages », he recalls.
Furthermore, some observers fear that resellers will find themselves stuck “for life” in BRS since they cannot make any capital gains on resale, and thus align themselves with market prices, which, very often, have skyrocketed in the meantime.
Faced with all these challenges and the great latitude offered by the 2014 law, the OFS remain the guarantors of a reasoned application of the system. Although they seem to fulfill their mission rather well, some are unable to develop many operations due to lack of political or banking support. Especially since to date, BRS remains little known among households.
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