An apartment rated F or G in Paris sells for 10 to 22% less than an equivalent property rated C or D in 2026. In a market where the average price exceeds 10,000 euros/sqm, this discount represents 60,000 to 130,000 euros on a 60 sqm apartment. For the buyer who knows how to calculate, it is an opportunity. For the one who buys without understanding, it is a trap.
The EPC has become in a few years the most divisive criterion in the Parisian property market. It separates properties into two categories: those you can rent out, and those you can no longer rent. It creates massive discounts on certain apartments, and bargains for informed buyers. After fourteen years navigating this market and more than 1,200 supported transactions, here is what I observe on the ground.
The EPC explained without jargon
The Diagnostic de Performance Energetique (Energy Performance Certificate) rates properties from A (most energy-efficient) to G (most energy-consuming) based on two criteria: primary energy consumption (in kWh/sqm/year) and greenhouse gas emissions (in kg CO2/sqm/year). Since the 2021 reform, the worse of the two ratings determines the final grade.
In concrete terms, an A-rated apartment consumes less than 70 kWh/sqm/year. A G-rated one exceeds 420 kWh/sqm/year: six times more. The difference in the annual energy bill is dramatic: between 500 and 3,000 euros per year for a 60 sqm property in Paris, depending on the heating method and insulation.
The EPC has been legally enforceable since 2021. This means a buyer or tenant can take legal action against the seller or landlord if the actual EPC turns out to be significantly different from the one declared. It is no longer an informational document: it is a binding commitment.
The reality of the Parisian housing stock
Paris has a structural problem with the EPC. The housing stock is old: 80% of properties date from before 1945. Haussmann buildings, despite their charm, are thermal sieves by design: uninsulated stone walls, single glazing, generous ceiling heights (magnificent to live in, catastrophic to heat).
Available data shows that approximately 35% of the Parisian housing stock is rated E, F or G. Classes F and G alone represent 15 to 18% of properties. This is considerable, and it is the heart of the issue.
The ban calendar: what is changing and when
The legislator has set a progressive calendar for banning the rental of thermal sieves. This calendar is the main driver of the EPC discount on the market.
Since 1 January 2025, G-rated properties are banned from rental. A landlord can no longer sign a new lease nor renew an existing one for a G-rated property. Tenants currently in place are not evicted, but when they leave, the property cannot be re-let without renovation works.
In 2028, the ban will extend to F-rated properties. In 2034, to E-rated properties. The circle is tightening, and each deadline pushes more owners to sell properties they can no longer (or soon will no longer be able to) rent out.
What this means for buyers in 2026
For a buyer purchasing their primary residence, the EPC is a criterion of comfort and running costs, but not a legal constraint. You have every right to live in a G-rated apartment. Nobody will stop you.
The constraint becomes real if you plan to rent the property at some point, which is the case for many Parisian buyers who plan to move in 5 to 10 years and keep the property as a buy-to-let investment. In that scenario, an F or G EPC rating requires works before the property can be let.
For a buy-to-let investor, the calendar is unforgiving: a G-rated property purchased in 2026 cannot be rented without renovation. An F-rated property will need to be renovated before 2028. This is a constraint, but it is also what creates the purchase discount.
The EPC discount: the real figures in Paris in 2026
National studies give averages, but the Parisian market has its own rules. Here is what I observe on the ground, transaction after transaction.
Class G: 15 to 22% discount
A G-rated apartment in Paris suffers the most severe discount. The rental ban effective since 2025 has eliminated all investor demand, roughly 30% of buyers on the Parisian market. What remains are primary residence buyers willing to undertake works.
On a property that would be worth 500,000 euros at class D, a G rating brings the effective sale price to between 390,000 and 425,000 euros. The discount is steeper for smaller properties (studios, one-beds): these formats were traditionally the most sought-after by buy-to-let investors, who are now out of the game.
Conversely, larger family apartments (three rooms and more) rated G suffer a smaller discount, as their natural market is primary residences rather than buy-to-let investment. A 90 sqm four-room apartment rated G in the 16th arrondissement will perhaps sell 12 to 15% below market, not 22%.
Class F: 8 to 15% discount
Class F occupies an in-between space. The rental ban does not arrive until 2028, leaving a two-year window. Investors have not completely left the market: some buy F-rated properties with a costed renovation plan to reclassify the property before the deadline.
The F discount is more moderate: 8 to 15% depending on the property size, the arrondissement and the estimated renovation cost. On a property worth 400,000 euros at D, expect a sale price of 340,000 to 368,000 euros.
Class E: 3 to 7% discount
Class E will not be affected by the rental ban until 2034: that is a long way off. The discount exists but remains modest. It is more of a negotiation argument than a true market depreciation. An informed buyer can extract a 3 to 7% reduction by citing the E rating as a defect to rectify.
Classes A to D: no discount, sometimes a premium
Properties rated A, B or C are rare in the older Parisian stock (less than 10% of the supply). Their scarcity sometimes confers a premium of 3 to 5% compared to D-rated properties, especially among buy-to-let investors who want a property that is “safe” from a regulatory standpoint.
Class D is the market benchmark. It is the level from which there is neither discount nor premium. A D-rated property sells at the neighbourhood market price, all else being equal.
The hidden opportunity: buy an F or G and renovate
This is the strategy I most often recommend to informed buyers in 2026. The reasoning is mathematical.
The typical calculation
Take a 60 sqm apartment in the 9th arrondissement, a classic Haussmann building. At class D, its market value is approximately 660,000 euros (11,000 euros/sqm). The same apartment, rated G, is negotiated at around 540,000 euros: an 18% discount, or 120,000 euros.
The cost of energy renovation to go from G to D: replacement of the 5 windows (approximately 15,000 euros, custom wooden windows to comply with the building’s constraints), interior insulation of exposed walls (approximately 12,000 euros), replacement of the heating system with high-performance electric radiators (approximately 6,000 euros), mechanical ventilation (approximately 3,000 euros). Total energy works: approximately 36,000 euros.
The result: 540,000 + 36,000 = 576,000 euros. The value of the renovated D-rated property: 660,000 euros. The gap, 84,000 euros, is immediate value creation. In practice, you buy a property worth 660,000 euros for 576,000 euros. That is a saving of 12.7% on the final value.
And this calculation does not even account for negotiating the G price. Our property hunters obtain an average 6% negotiation: if you negotiate the 540,000 euros down by 6%, you reach 507,600 euros. The final result becomes: 507,600 + 36,000 = 543,600 euros for a property worth 660,000 euros. The net saving: 116,400 euros, or 17.6%.
The conditions for success
This strategy works, but it is not without risks. Three conditions must be met.
The energy assessment must be precise. The official EPC gives a letter, not a renovation plan. Before buying, have a full energy audit carried out by a thermal engineering consultancy (800 to 1,500 euros). This audit identifies the areas of heat loss and costs the works needed to reach the target class. Without this assessment, you are buying blind.
The works must be feasible in your co-ownership. External insulation, often the most effective solution, is virtually impossible in a Haussmann building (listed facade or subject to ABF approval). Window replacement may require a vote at the co-ownership general meeting if the facade is affected. Switching from a communal gas boiler to individual electric heating involves complex procedures. Verify feasibility before including the works in your calculation.
The works budget must include a contingency margin. In an older building, opening a wall sometimes reveals surprises: asbestos, damp, outdated wiring. Budget for a 15 to 20% contingency on the energy works, as with any renovation in an older property.
Jean Mascla’s advice: I regularly see buyers fleeing from F or G-rated properties as if they were the plague. This is an emotional reaction, not a rational one. The EPC letter is not an incurable disease: it is a symptom that can be treated, at a known and manageable cost. The buyer who knows how to read an EPC, cost the works and negotiate the discount is the one making the best deals in Paris in 2026. At Home Select, our property hunters systematically integrate EPC analysis into their property assessments, and it is often thanks to this criterion that we secure the best negotiations for our clients.
Energy renovation subsidies in 2026
The gross cost of energy renovation is one thing. The net cost, after deducting subsidies, is another. Several schemes coexist in 2026, with eligibility conditions that vary.
MaPrimeRenov’
This is the main scheme. MaPrimeRenov’ funds a portion of energy renovation works based on your income, the type of works and the energy gain achieved. Amounts range from a few hundred euros for isolated measures (replacing a radiator) to tens of thousands of euros for a comprehensive, high-performance renovation.
In 2026, MaPrimeRenov’ prioritises large-scale renovations (multiple items simultaneously) with guidance from an accredited “Accompagnateur Renov’” advisor. For a G to D transition involving windows, insulation and heating, the subsidy can reach 15,000 to 25,000 euros depending on household income. On a works budget of 36,000 euros, that is a 40 to 70% reduction in the remaining cost.
Conditions and amounts change every year. Check the official france-renov.gouv.fr website or contact an Espace Conseil France Renov’ for a personalised estimate.
Energy Savings Certificates (CEE)
CEEs are bonuses paid by energy suppliers (EDF, Engie, Total) in exchange for energy-saving works. They can be combined with MaPrimeRenov’ and can represent an additional 1,000 to 5,000 euros depending on the works. The paperwork is often handled by the company carrying out the works: check that they are RGE certified (Reconnu Garant de l’Environnement), a prerequisite for accessing the subsidies.
The eco-PTZ
The zero-interest loan dedicated to energy renovation allows you to borrow up to 50,000 euros interest-free to fund energy performance works. The maximum term is 20 years. This loan is available without income conditions, an advantage for Parisian owners whose income exceeds the MaPrimeRenov’ thresholds.
The eco-PTZ can be combined with MaPrimeRenov’ and CEEs. On a 36,000 euro renovation, after 20,000 euros from MaPrimeRenov’ and 3,000 euros from CEEs, the remaining 13,000 euros can be fully funded by an eco-PTZ: a net renovation cost of zero euros in immediate cash outlay, repaid gradually over 15 to 20 years interest-free. The calculation is worth doing.
EPC pitfalls to know about
The EPC is not an exact science, and the Parisian market amplifies some of its limitations.
Assessment reliability
Two assessors evaluating the same apartment can arrive at different ratings. A one-class gap (E instead of D, or F instead of E) is common, and can represent a price difference of 30,000 to 60,000 euros. If you are buying a property whose EPC seems suspect (unusually poor or unusually good rating), have a counter-assessment done by another certified professional. The cost (150 to 250 euros) is negligible compared to the stakes.
Communal vs individual EPC
In a building with communal heating, which is the case for a large portion of the Haussmann stock, the EPC depends partly on the performance of the communal installation. An individual owner can replace their windows and insulate their walls, but if they are connected to an old communal oil boiler, their EPC will remain penalised.
The Climate Act requires a communal EPC for co-ownerships with more than 200 lots (already mandatory) and progressively for smaller ones. This communal EPC can pave the way for a global building renovation plan, collectively funded and often more effective than piecemeal works.
Find out about the co-ownership’s energy strategy before buying. A building whose managing agent has commissioned a global energy audit and scheduled collective works is a much better investment than a building where everyone tinkers in their own corner.
The risk of over-renovation
Improving an EPC from G to C costs more than from G to D, sometimes much more. The move from D to C in particular often requires external insulation (impossible on most Haussmann buildings) or a complete change of the communal heating system (a co-ownership decision, not an individual owner’s).
My advice: aim for class D. It is the optimal return threshold in Paris. Beyond that, the marginal cost of each grade gained rises steeply, and the gain in property value does not follow proportionally.
The EPC as a negotiation tool
Even if you do not plan any immediate renovation, the EPC is a legitimate negotiation lever. Here is how to use it.
When you visit a property rated E, F or G, ask for the energy bills from the past two years. Calculate the annual extra cost compared to a C-rated property: the difference can reach 1,500 to 2,500 euros/year. Over 10 years, that is 15,000 to 25,000 euros in additional expenses: a quantified and indisputable argument.
Cost the works needed to reach class D: windows, insulation, heating. Present this costing to the seller or their agent with your offer. A rational seller understands that their F-rated property is worth less than a D-rated one, and that the discount you propose reflects market reality, not a negotiation whim.
At Home Select, our property hunters systematically use the EPC in their negotiation strategy. It is one of the most effective arguments we have, because it is objective, documented and indisputable. It contributes to the average 6% negotiation we obtain for our clients.
Jean Mascla’s advice: Do not look at the EPC as a defect. Look at it as information. A G-rated property in a beautiful building, well located, with fine proportions, is a rough diamond. The EPC eliminates the competition (emotional buyers flee), it creates the discount (the seller is under pressure) and it offers a clear action plan (the works are identified and quantifiable). The buyer who turns this information into a purchasing strategy is the one making the best deals on the Parisian market in 2026.
In summary
The EPC has redrawn the map of property values in Paris. Thermal sieves suffer discounts of 10 to 22%, but these discounts create opportunities for buyers who know how to calculate. The cost of energy renovation (400 to 800 euros/sqm) is often well below the discount obtained at purchase. Public subsidies (MaPrimeRenov’, CEE, eco-PTZ) further reduce the remaining cost. And the renovated property recovers, or even exceeds, its market value.
If you are looking for an apartment in Paris and the EPC raises questions, our property hunters are trained to integrate this dimension into every search. We identify properties where the EPC discount creates a real opportunity, we cost the works, we negotiate accordingly. Over 1,200+ supported transactions, it is one of our most tangible competitive advantages. Tell us about your project
Frequently asked questions
What is the discount on an apartment rated F or G in Paris in 2026?
In 2026, the observed discount for an F-rated property is 8 to 15% compared to an equivalent property rated C or D. For a G rating (thermal sieve, banned from rental since 2025), the discount reaches 15 to 22%. On a 500,000 euro apartment, this represents a difference of 40,000 to 110,000 euros.
How much does it cost to improve the EPC of a Parisian apartment?
The cost varies depending on the scope of works. Window replacement (1,500 to 3,500 euros per window depending on ABF constraints) is often the main item. Interior wall insulation costs 80 to 150 euros/sqm. In total, gaining one to two EPC grades on a Parisian apartment costs between 400 and 800 euros/sqm, or 24,000 to 48,000 euros for a 60 sqm property.
Is an apartment rated F or G a good investment in Paris?
Yes, provided you calculate carefully. The purchase discount (10 to 20%) often more than compensates for the energy renovation cost (400 to 800 euros/sqm). On a 60 sqm property bought for 400,000 euros instead of 480,000 euros thanks to the EPC discount, with 40,000 euros of energy works, the net saving is 40,000 euros. The renovated property recovers its full market value, or even exceeds it.
