Investing in the Mountains: Everything you need to know to make the right choice in 2026
Yes, investing in mountain property can be profitable, with a gross return of 4 to 10 per cent depending on the resort.
Buying a flat or a chalet in the Alps is a dream for many investors. Between Méribel, Courchevel and the 3 Vallées ski area, the mountain property market is showing remarkable vitality.
Prices are rising, rental demand remains strong, and the prospect of capital gains appeals to those keen on tangible assets.
However, making a successful investment in a ski resort requires much more than simply falling in love with the slopes.
Whether it’s a second home to enjoy yourself, a pure rental investment or a combination of both, every project has its own constraints. Location, property type, tax implications and remote management all affect the final return on investment.
Mistakes are costly, and the right choices require careful planning in advance.
In this guide, we’ve brought together the key factors for investing with confidence: real assets, returns by resort, tax schemes and pitfalls to avoid.
A concise, data-driven overview, accessible to novices and seasoned investors alike.
Why invest in the mountains? Motivation, uses and specific advantages
Buying a property in the mountains is rarely driven by a single motivation.
Some are primarily looking for a holiday home – a second home where they can spend time with family every winter and enjoy the fresh air between ski runs. Others are aiming for a pure wealth-building investment, with regular rental income and the prospect of capital gains on resale.
Between these two approaches, a third option is attracting an increasing number of buyers: combining personal use with rental profitability, by occupying the property for a few weeks a year and letting it out the rest of the time.
This is the case with our new-build development, BARMA.
The appeal of the mountain setting obviously plays a major role in this trend. The unspoilt natural environment, the panoramic views of snow-capped peaks and the prestige of certain resorts such as Méribel or Courchevel attract a loyal French and international clientele, year after year.
Moreover, this tourist appeal is no longer limited to winter: hiking, mountain biking, wellness and summer festivals are gradually spreading demand across the year and extending the period of occupancy for properties.
Furthermore, building plots are becoming increasingly scarce in the major Alpine resorts. This scarcity of land supports prices and fuels long-term appreciation potential that is hard to find elsewhere.
At a time when financial markets remain volatile and inflation is eroding traditional savings, mountain property offers reassurance to investors seeking stability. It represents a tangible, visible asset that can be lived in, let out or passed on to loved ones.
In other words, investing at high altitude combines pleasure, heritage and return on investment.
However, each option has its own constraints.
A second home involves covering the running costs and maintenance of the property, even when it is unoccupied.
A mixed-use arrangement, which combines personal stays with letting, requires a balance to be struck between enjoyment and income: occupying the property during school holidays can significantly reduce its profitability. It is also necessary to organise guest reception, cleaning and maintenance between stays.
Finally, purchasing a holiday home often involves a commercial lease with an operator: the terms regarding personal use, rent, the allocation of service charges and the terms of termination depend on the contract. The operator’s financial stability and the commitments relating to any potential VAT recovery must therefore be carefully examined.
The mountains are no longer just a winter investment
For a long time, the profitability of properties in holiday resorts depended almost exclusively on the ski season.
Today, most major Alpine resorts are developing a genuine four-season tourism industry.
Hiking, mountain biking, trail running, golf, wellness, sporting events, festivals and even remote working breaks now provide a source of additional income during the summer.
Average occupancy rates observed
| Season | Occupancy rate |
| Winter 2025–2026 | 73 per cent, according to the ANMSM report published in spring 2026 |
| Summer 2026 | 52.7 per cent |
| Off-season | 10–30 per cent |
At some resorts in the Alps, up to 30–35 per cent of annual rental income can now be generated during the summer season.
This trend reduces dependence on snowfall and improves the overall profitability of investments.
Checklist: things to check before buying
Before signing a preliminary sales agreement, check the following:
- Resort situated at an altitude of over 1,500 metres
- Extensive ski area
- Immediate proximity to the ski lifts
- Private parking space
- Ski locker
- Balcony or terrace
- South or west-facing
- Unobstructed view
- Good internet connection
- Wide range of summer activities
- Reasonable service charges
- Year-round rental potential
What do you need to know to make a successful investment in the mountains?
Investing in a mountain property isn’t something to be taken lightly. Several factors determine the long-term profitability and value of your property. Two of these deserve particular attention: the location and the type of property chosen.
Location and accessibility
The majority of tenants are primarily looking for immediate proximity to the slopes and the resort centre. A ‘ski-in, ski-out’ flat rents out more quickly, commands a higher rent, and experiences fewer rental vacancies than a property further from the centre. This difference is also reflected when it comes to resale: the best-located properties retain a higher value over the years.
Beyond the location within the resort, the choice of resort itself is a key factor:
- International reputation versus a family-friendly atmosphere
- Modernisation of the resort
- High altitude versus mid-mountain
- Natural snow cover versus reliance on artificial snow
You should also analyse the local market positioning, as some resorts attract a high-end clientele, whilst others appeal more to families or groups of friends.
Access to the resort is also important. Smooth year-round access – whether by road, proximity to a high-speed rail station or an efficient shuttle bus network – reassures holidaymakers and broadens your customer base. Finally, assess the potential for off-season occupancy: resorts with leisure facilities, summer events or outdoor activities generate income over a longer period.
Choosing the right type of property
The choice between a chalet, a flat or a studio depends on local rental demand and your objectives. In terms of gross yield, smaller properties (studios, one-bedroom flats) often yield higher returns than large family chalets. However, demand for larger flats is growing.
The quality of the build and the general condition of the property directly influence maintenance and management requirements.
In terms of amenities, unobstructed views, a balcony or terrace, a ski room, parking and communal areas add value in the eyes of tenants and justify higher rents.
Profitability of a rental investment in the mountains: what are the prospects?
The profitability of a property in a ski resort depends on several factors: location, the chosen rental model and your ability to maximise the occupancy rate.
Gross yields generally range from 4 per cent to a maximum of 10 per cent, depending on the specific circumstances.
Be aware, however, of specific risks: dependence on snowfall can affect certain seasons, rental vacancies during the off-season eat into income, and remote management makes day-to-day monitoring more difficult.
Holiday lettings: should you opt for short-term or long-term lets?
The choice of rental model has a direct impact on your profits and your day-to-day involvement:
|
Criterion |
Short-term |
Long-term |
|
Return |
High daily rental rates |
More modest income |
|
Flexibility |
Suitable for personal use |
Permanently occupied |
|
Management |
Complex (cleaning, welcoming guests) |
Simplified |
|
Running costs |
High (consumables, staff turnover) |
Lower |
|
Stability |
Varies depending on the season |
Consistent revenue |
Seasonality also has a significant impact on occupancy rates:
|
Period |
Average occupancy |
Rent level |
|
High season |
70% to 95% |
Maximum rates |
|
Mid-season |
50% to 70% |
Intermediate rates |
|
Low season |
10 per cent to 30 per cent |
Reduced rates |
A property let only in winter generates income over 12 to 16 weeks, whereas a four-season resort spreads its revenue throughout the year.
Calculating rental profitability in the mountains: how to set your rent?
Average returns vary significantly from resort to resort. Here are some indicative figures for standard properties:
- Méribel: 3% to 5% gross
- Courchevel: 2% to 4% gross
- Chamonix: 4% to 6% gross
- Les Menuires: 4.5% to 6.5% gross
Several factors influence gross and net returns:
- Purchase price and solicitor’s fees
- Number of weeks let per year
- Service charges and maintenance costs
- Rental management fees (15% to 25%)
- Taxation depending on the chosen scheme
Three options to help you understand the figures:
- The gross yield is calculated as follows: (annual rent / purchase price) × 100.
- The net yield takes charges into account: ((rental income − charges − management fees) / purchase price) × 100.
- Finally, the net return after tax takes taxation into account, which varies depending on your tax status.
Include all costs in your projections: service charges, council tax, tourist tax, non-occupier’s insurance, etc. Set your rent by analysing the rates charged for similar properties in the same area. A rent that is too high leads to vacancies, whilst a rent that is too low erodes your profit margin. Tax optimisation, detailed in the following section, then refines your actual return.
A numerical example: a flat in a ski resort
Let’s take an apartment purchased for €300,000 in the mountains, rented out for 12 weeks in winter at an average rate of €1,400 per week and for 6 weeks in summer at €500 per week. This generates €19,800 in annual rental income: (12 × 1,400) + (6 × 500).
Let’s assume annual service charges of €5,000 (service charge, heating, council tax, insurance and maintenance) and management fees of €3,960, representing 20 per cent of the rental income, calculated separately.
-
Gross yield: (19,800 / 300,000) × 100 = 6.60 per cent.
-
Net yield: ((19,800 − 5,000 − 3,960) / 300,000) × 100 = 3.61 per cent, or €10,840 per year before tax.
-
Net return after tax: assuming total tax liability of €2,000 per year, this leaves €8,840. The return is therefore (8,840 / 300,000) × 100 = 2.95 per cent.
These assumptions are illustrative and do not constitute an estimate for a specific resort. In the mountains, the outcome depends in particular on snowfall, location, school holidays and the weeks reserved for your personal use. Taxation varies depending on your circumstances; purchase costs, renovation work and any mortgage interest must also be factored in to refine the calculation.
What are the tax implications for a rental investment in the mountains?
The tax treatment of a rental property in a resort depends on the chosen status and the method of operation. There are three main options: the LMNP (Non-Professional Furnished Letting), the LMP (Professional Furnished Letting) and unfurnished letting.
For the vast majority of investors in mountain resorts, the LMNP remains the most suitable status. It allows you to let a furnished property whilst benefiting from favourable tax treatment and relatively flexible management.
The LMNP tax regimes
Depending on the amount of income and the nature of the property, two tax regimes may apply:
| Criteria | Micro-BIC | Actual income scheme |
|---|---|---|
| Annual income threshold |
Classified holiday let: €83,600. Unclassified holiday let: €15,000. |
Optional, or where the eligibility criteria for the Micro-BIC scheme are no longer met |
| Tax deduction | Flat-rate allowance of 50 per cent for classified holiday lettings and 30 per cent for unclassified ones, with no additional deduction for expenses | Deduction of actual expenses and tax-deductible depreciation |
| Accounting | Simplified | Full accounting |
| Suitable for | Property owners seeking simplicity, with relatively low expenses | Property owners whose expenses and depreciation justify a more detailed analysis |
Under the actual income scheme, you can deduct expenses (loan interest, insurance, management fees, eligible renovation costs, etc.) and depreciate both the property and its fixtures and fittings. In many cases, this mechanism significantly reduces, or even temporarily eliminates, tax on rental income.
Recent developments regarding furnished holiday accommodation
The rules governing furnished holiday accommodation were tightened by the Le Meur Act of 19 November 2024, published in the Official Journal on 20 November 2024. Its implementation is phased: not all of its measures came into force simultaneously.
As of 1 January 2026, the main changes are as follows:
-
Since 21 November 2024, local authorities have had new tools at their disposal to regulate holiday lettings, particularly with regard to authorisation for changes of use and, subject to certain conditions, quotas. In block-of-flats, the new regulations must specify whether tourist lettings are permitted or prohibited; where a flat is registered as a furnished tourist accommodation, the property manager must be informed.
-
Since 1 January 2025, local authorities may, by means of a reasoned resolution, reduce the maximum duration of tourist lettings for a main residence from 120 to 90 days per year. This reduction is therefore not automatic and does not constitute a general cap for second homes.
-
For income received from 1 January 2025, the benefits of the micro-BIC scheme are reduced: unclassified holiday lettings benefit from a 30 per cent allowance, with a threshold of €15,000; classified furnished tourist accommodation benefits from a 50 per cent allowance, with a threshold of €77,700 for income in 2025, declared in 2026.
-
The generalised national registration scheme is not yet applicable as at 1 January 2026. The law provides for its entry into force on a date to be set by decree, no later than 20 May 2026. In the meantime, the existing obligations to declare the property to the local council and, depending on the local authority, to register it, continue to apply.
-
Since 21 November 2024, in mainland France, obtaining authorisation to change the use of a property to let it as a furnished holiday let requires an Energy Performance Certificate (EPC) rated from A to E. The general requirement for a rating of A to D is due to come into force on 1 January 2034, except where the property is the landlord’s main residence.
Before putting a property up for let, it is therefore advisable to check with the local council regarding the procedures and restrictions that actually apply to the property, as well as its co-ownership regulations.
Holiday accommodation and VAT recovery
In certain cases, purchasing a property in a holiday residence offering hotel-style services may allow you to reclaim VAT on the purchase price.
However, this scheme is subject to several conditions, particularly regarding the duration of operation and compliance with the applicable tax framework. Seeking advice from a specialist is strongly recommended before proceeding with any transaction.
Which tax regime should you choose?
The choice between the micro-BIC scheme and the actual income scheme depends mainly on:
-
the amount of rental income;
-
the level of expenses incurred;
-
whether or not there is a mortgage;
-
the intended holding period;
-
your overall financial situation.
-
There is no income threshold above which the ‘réel’ scheme automatically becomes more favourable: it is generally more advantageous when deductible expenses and tax-allowable depreciation exceed the micro-BIC allowance – i.e. 50 per cent of income for a classified holiday let or 30 per cent for an unclassified one – taking account of accounting costs.
For a mortgage-financed holiday let investment in the mountains, the LMNP actual tax regime is therefore worth considering: loan interest and other expenses may make this regime attractive. A detailed comparison is still necessary to determine the solution best suited to your project.
Please note: the regulations governing furnished holiday lets change regularly. Before making any investment, it is advisable to consult a chartered accountant or tax adviser to ensure your strategy complies with the legislation in force at the time of purchase.
Where to invest in the mountains: a focus on the most attractive resorts
The choice of resort influences the purchase budget, rental potential and resale prospects. To compare destinations, you should also consider the property’s location, condition, service charges and appeal during the summer months. Notarial records published in 2026 provide a benchmark for sale prices, though they do not guarantee the profitability of an investment.
|
Resort |
Average price per m² |
Gross return |
Comments |
|
Val d’Isère |
€14,000 to €20,000 |
2% to 4% |
High service charges, expensive owners’ associations |
|
Courchevel 1850 |
€18,000 to €30,000 |
2% to 4% |
Ultra-premium |
|
Méribel |
€11,000 to €18,000 |
3% to 5% |
International demand |
|
Chamonix |
€8,000 to €13,000 |
4% to 6% |
Steady winter and summer activity |
|
Les Menuires |
€6,500 to €9,000 |
5% to 8% |
Family-friendly resort |
Mountain property market 2026
Market trends 2025–2026
To plan an investment for 2026–2027, the latest available results provide a basis for comparison. The data below relate to periods already observed: they are not forecasts of visitor numbers or returns for the coming season.
| Indicator | Latest available figure |
|---|---|
| Price trends in the Trois Vallées | +51.9% over five years for the median prices of existing flats in the area, as at the end of 2025. |
| Winter occupancy rate | 73 per cent for the winter of 2025–2026, compared with 71 per cent for the previous winter, according to ANMSM–Atout France. |
| Summer occupancy rate | 65.8 per cent, for the period from 4 July to 22 August 2026, for all accommodation types surveyed; 50.6 per cent for estate agents. |
| Average gross yield in mountain resorts | No consolidated average identified in the sources consulted; to be estimated for each project |
| Gross return on urban property | No directly comparable benchmark identified; depends on the town, the property and the letting arrangement |
| Average holding period in mountain areas | No specific average verified in the publications consulted |
| Occupancy rate during the winter holidays | 80 per cent from 7 February to 7 March 2026, for all accommodation monitored by the ANMSM–Atout France. |
Méribel: an exceptional market with strong potential
Méribel commands high prices, but demand for holiday rentals there is particularly strong. International clientele, high-end facilities and direct access to the 3 Vallées ski area explain this appeal. The market has demonstrated its resilience even during times of crisis. The prospects for capital appreciation are attracting property investors.
Discover our property listings in Méribel.
Courchevel: a resort that needs no introduction
Courchevel epitomises the pinnacle of alpine luxury, with prices per square metre regularly exceeding €20,000. Rental demand is driven by a wealthy clientele from all over the world. This market has weathered crises without faltering, making it a safe haven for wealth preservation.
Explore the properties available on our Courchevel property page.
Alternative resorts offering high returns
Other resorts are worth considering due to their more affordable purchase prices. Châtel, Morzine, Les Gets and Saint-Gervais-les-Bains offer alternatives to the most expensive destinations. However, the rental potential of each property must be assessed on a case-by-case basis.
| Resort | Median price per m² for existing properties¹ | Indicative budget for 40 m²² | Simulated gross yield based on €15,000 in annual rent² |
|---|---|---|---|
| Châtel | €5,540 | €221,600 | 6.77% |
| Morzine | €7,980 | €319,200 | 4.70% |
| Les Gets | €7,000 | €280,000 | 5.36% |
| Saint-Gervais-les-Bains | €5,050 | €202,000 | 7.43% |
¹ Median prices for second-hand flats: Savoie Notaries’ Observatory, published in 2026, based on sales in 2025.
² Illustrative examples only: purchase of a 40 m² property at the local median price, excluding purchase costs and renovation costs, based on the assumption of €15,000 in annual rental income. These rental figures do not constitute a specific rental estimate for each resort. The yield is calculated before service charges, management fees and tax.
A lower purchase price may improve the yield, provided that rental demand allows the projected income to be achieved. The location, the condition of the property, the number of weeks of personal occupation and the potential for summer rentals remain key factors.
What are the pitfalls and mistakes to avoid when investing in a mountain property?
Investing in a ski resort can hold a few unpleasant surprises for those who dive in unprepared. Here are the most common mistakes to avoid:
- Underestimating maintenance and refurbishment costs: winter wear and tear, harsh weather conditions and managing the property remotely all drive up the bill. Facade renovations, roofing work and bringing properties up to standard in the mountains cost more than in the lowlands.
- Overestimating off-season rental demand: resorts that aren’t versatile struggle to attract tenants outside the winter season. It’s best to analyse the summer potential before buying.
- Betting on a small resort without assessing actual demand: road access, reputation and infrastructure all influence occupancy rates. A resort with poor transport links or one that is little known generates fewer bookings.
- Overlooking the impact of rental vacancies in the off-season: periods outside school holidays and the end of the season weigh heavily on annual profitability.
- Overlooking regulatory constraints: rental quotas in certain local authorities, restrictive owners’ association rules, and changing tax regulations. These factors must be checked in advance.
- Miscalculating the return: all charges and taxes (co-ownership fees, property tax, tourist tax, management fees, etc.) must be included in the calculation.
- Failing to prepare your financing properly: banks take a cautious approach to assessing the profitability of seasonal rentals. A substantial deposit and a well-prepared application make it easier to secure a loan.
How can you effectively let and manage your mountain property?
Once the purchase is finalised, the question of management quickly arises. There are three possible approaches: managing the property yourself, entrusting it to a local agency, or signing a commercial lease with a holiday accommodation operator.
Managing the property yourself maximises your income, but it requires time and availability. Entrusting it to an agency frees you from day-to-day responsibilities, in return for a commission on the rent. A commercial lease with an operator (such as Pierre & Vacances or MGM) guarantees a fixed income, but reduces your flexibility for personal use.
Booking platforms (Airbnb, Booking, Abritel) boost your visibility and occupancy rates. They enable you to reach an international clientele, provided you take care with your listings: high-quality photos, detailed descriptions and rates adjusted for seasonal fluctuations.
On the logistics front, several ancillary services need to be planned for:
- Cleaning between each booking
- Provision and launderying of linen
- Welcoming guests and handing over keys
- Technical maintenance and minor repairs
Remotely, digital tools make it easier to track bookings and communicate with guests. However, a reliable local partner, based on site, remains essential in the event of an emergency.
Finally, the quality of your welcome and services builds tenant loyalty. A satisfied traveller will return, recommend your property and leave positive reviews. This virtuous circle boosts your profitability year after year.
Do you own a flat in Méribel-Mottaret? Discover our dedicated support for owners.
Let us manage your property with complete peace of mind
FAQ: everything you need to know about investing in the mountains
How can you finance your plan to buy a property in the mountains?
A standard mortgage works, provided you stay within the 35 per cent debt-to-income ratio. Banks usually require a deposit of 10 to 20 per cent and assess projected rental income with caution. A strong application and reassuring guarantees make it easier to secure a loan.
Can you let your property all year round in the mountains?
Yes, if the resort offers summer activities such as hiking, mountain biking and wellness facilities. The major resorts in the Alps attract visitors in the summer. However, small, single-sport resorts struggle to fill their accommodation outside the peak season. Assess the all-year-round potential before buying.
What costs should you expect in addition to the purchase price?
Allow for notary fees (generally 7–8 per cent for second-hand properties / 2–3 per cent for new-builds), service charges, council tax, owner’s insurance (for non-occupiers), and maintenance costs. Add tourist tax if you let the property, as well as any rental management fees.
Will the tax rules for furnished holiday lets change again?
The Le Meur Act has tightened the rules for 2025: reduced tax allowances and lower thresholds. Further adjustments are possible in the coming years. Keep up to date with tax news and consult a chartered accountant to adapt your strategy at the right time.
When is the best time to buy a property in the mountains?
A property can be sold at any time! As soon as you’ve made your decision, you should contact the estate agent to draw up the sales mandate and start gathering the documents for the sales file.
It is recommended that you put your property on the market around 1 to 2 months before the start of a new tourist season, so that you have time to market it and gather all the necessary information to answer any questions potential buyers are likely to ask.
Are there any tax relief schemes available in holiday resorts?
The LMNP (Non-Professional Furnished Letting) scheme works very well in mountain resorts thanks to the depreciation of the property and its furnishings. The Pinel scheme ended in 2024. The LMP scheme is aimed at investors whose rental income exceeds €23,000 per year.
How can you manage rental vacancies during the off-season?
Offer attractive rates at the start and end of the season. Target seasonal workers, remote workers or autumn hikers. Diversify your marketing channels and tailor your adverts to each period. A versatile resort naturally minimises the number of empty weeks.
What are the main factors affecting the value of a property in the mountains?
Proximity to the slopes, a south-facing aspect, unobstructed views and the quality of the interior fittings drive up prices. A balcony, a ski locker and a parking space add value. The condition of the block of flats also matters.
Is it still a good idea to invest despite climate change?
High-altitude resorts (above 1,800 m) and large interconnected ski areas continue to enjoy reliable snow cover. Méribel, Courchevel and Val Thorens benefit from solid infrastructure and a loyal clientele. Opt for resorts that offer a variety of activities all year round.
What budget is needed to invest in the mountains?
The budget will obviously depend on what you’re looking for. You should expect to pay at least €200,000 for a studio flat, €300,000 to €400,000 for a one-bedroom flat, and over €500,000 for larger properties.
These prices vary depending on the floor area, the condition of the property, its aspect and its location.
