Is it still worth investing in mountain property despite global warming?

Key takeaways:

• Resorts situated above 1,800 metres will retain sufficient snow cover for decades to come
• Diversification into four-season tourism is transforming the business model of resilient resorts
• The 2030 Winter Olympics create a window of opportunity with an anticipated price rise of 15 to 25%

What is the real impact of global warming on mountain resorts?

Climate change is reducing natural snowfall in the French mountains unevenly depending on altitude. According to Météo France, snowpack depth could decrease by 10 to 40% by 2050, with a much more severe impact below 1,500 metres than above 2,000 metres. The rain-snow line rises by around 150 metres for every degree of warming.

In practical terms, the ski season is shrinking from 4 or 5 months to 3 or 4 months on average. Snow guns? They only work below -2°C with the right humidity levels. When night-time temperatures remain above freezing, even artificial snow-making equipment becomes useless.

But then, is it really profitable to invest in the mountains? The differences between resorts are striking. Towns such as Le Semnoz or Métabief, situated below 1,500 metres, are already struggling to open their slopes in some years. Conversely, Val Thorens (2,300 m) or Méribel Mottaret (1,800 m) still enjoy full seasons. Altitude is no longer a technical detail: it is the first filter for any serious property buyer.

Key considerations when choosing a resort for a long-term investment

Altitude as the number one protective factor

Prioritise ski resorts where the ski area peaks above 1,800 metres in altitude. This is the threshold below which natural snow cover becomes unreliable by 2040. Val Thorens, Tignes, Val d’Isère and Méribel Mottaret tick this box with ease.

And this criterion is directly reflected in prices. Properties situated above 1,500 metres are seeing their value per square metre rise 1.5 times faster than those in lower-altitude resorts. The mountain property market is already factoring climate risk into its price trends.

Four-season diversification for a resilient economic model

Winter sports resorts that rely entirely on downhill skiing are setting themselves up for vulnerability. Those that thrive have realised they need to attract tourists all year round. Downhill mountain biking, trail running, hiking, and water sports on high-altitude lakes: the summer offering is booming.

Les Gets, Morzine and Chamonix exemplify this shift. They have developed wellness facilities (spas, balneotherapy, yoga) that fill accommodation even in the off-season. The result: a significantly higher annual occupancy rate, and rental yields that no longer depend solely on snowfall.

Environmental commitment as an active criterion

A mountain resort that invests in renewable energy and sustainable transport sends a strong signal. Les Arcs powers some of its ski lifts with solar energy. Serre-Chevalier is rolling out electric shuttles and reducing its carbon footprint.

This isn’t greenwashing: eco-conscious customers concerned about the green transition represent a growing segment, willing to pay more for holidays that align with their values. In the long term, these resorts preserve their property and heritage value better than those that ignore the transition.

Méribel and Courchevel: resilient resorts for investment

Méribel and Courchevel enjoy an exceptional location at the heart of the 3 Vallées, the world’s largest ski area with 600 kilometres of slopes. Their altitude (Méribel from 1,400 to 2,950 m, Courchevel from 1,300 to 3,230 m) guarantees consistent and reliable snow cover, particularly as, for a property purchase in Méribel Mottaret, over 80% of the Méribel ski area lies above 1,800 metres.

These two resorts are not resting on their laurels. Every year, they invest millions in snowmaking and modern infrastructure. Their diversification is genuine: international events (Ski World Cup, biathlon competitions), summer activities, and high-end gastronomy.

The international clientele, loyal and with high purchasing power, stabilises demand for holiday rentals even in times of economic uncertainty. Prices per square metre range from €8,000 to €15,000 depending on the area. This is high, but the potential for capital appreciation remains strong for those who buy at the right time.
 

Adopt investment strategies tailored to the climate context

Prioritise new builds or energy-efficient renovations

In resort towns, 75% of properties are rated E, F or G on the Energy Performance Certificate (EPC). This is a problem for current owners, but an opportunity for property investors. Renovating an older property allows you to buy at a reduced price and significantly increase the property’s value after the work is completed.

New-build properties, meanwhile, offer other advantages: compliance with RT2020 standards, notary fees of 2% (compared to 7% for older properties) and the possibility of reclaiming 20% VAT on furnished rentals. The impact of the EPD on rents, market value and resale makes this an issue that cannot be ignored.

Opportunity to invest in villages linked to major resorts

Don’t have the budget to invest in Courchevel? Look around. Bozel, just a few minutes away, has prices of around €5,000 per square metre compared to €13,000 in the neighbouring resort. Several cable link projects could connect these villages directly to the major ski areas.

These villages retain a mountain authenticity that appeals to a different clientele, seeking peace and character. The potential for property appreciation in the medium term is considerable, especially if the links are realised.

Geographically diversify your mountain portfolio

Do not concentrate all your property portfolio in a single mountain range. Combining the Northern Alps (reliable snow cover at higher altitudes) with the Pyrenees (spa resorts, more affordable prices) allows you to spread the climate risk. Investing at different altitudes according to your budget also offers protection against the most unfavourable scenarios.

Combining managed holiday homes with traditional rentals further diversifies the model: one offers simplicity, the other profitability.

Opportunities linked to the 2030 Winter Olympics and major projects

The 2030 Winter Olympics (2030 Olympics), awarded to the French Alps, will generate massive investment in transport, accommodation and sports facilities. Courchevel, Méribel, Val d’Isère and Les Arcs are among the resorts directly involved.

New railway lines, upgraded roads, modernised stations: accessibility to these Alpine resorts is set to soar. And history shows that every major sporting event triggers a sustained rise in mountain property prices in the host areas.

Analysts anticipate a 15–25% rise in prices by 2030 in the Olympic resorts. The current window of opportunity for property purchases will not remain open for long. Those who buy before the media hype takes off will benefit from the greatest capital gains.

Profitability and taxation: optimising your mountain investment

A rental investment in the mountains generates an average net annual return of 3 to 5%, depending on the resort and the type of property. Seasonality shapes the income: expect around 6 weeks of winter rentals and 4 weeks in summer for high-altitude resorts. However, you still need to optimise your tax situation...

The LMNP (Non-Professional Furnished Rental) status remains the most advantageous tax regime for rental investments in the mountains. It allows you to depreciate the property, deduct expenses and, for new-builds, reclaim 20% VAT. On a purchase of €300,000, this reclaim amounts to €50,000.

When it comes to management, you have two options: a letting agency (20–25% commission, but complete peace of mind) or online platforms such as Airbnb (more work, but rental income 15–30% higher).
 

Be aware of specific service charges: service charges for shared ownership properties in resorts are higher than in towns (snow clearance, communal heating, lifts). Factor these costs into your calculations before signing. Compared to a traditional urban rental investment, mountain property offers a comparable return with greater potential for appreciation, but requires more active management.

FAQ: everything you need to know about investing in the mountains despite global warming

Is it better to buy an older property to renovate or a new-build in the mountains?

Buying a new-build offers immediate tax benefits (recoverable VAT, reduced notary fees) and compliance with energy standards. An older property requiring renovation offers a lower purchase price and significant appreciation after work is completed, especially if the energy performance rating improves from F to B. The choice depends on your ability to manage an energy-efficient renovation project at high altitude.

How can you assess a resort’s year-round potential before investing?

Check three key indicators: the summer occupancy rate (available from tourist offices), the variety of non-skiing activities (mountain biking, hiking, wellness) and the availability of events and entertainment scheduled throughout the year. A resort with over 30% occupancy in summer has already begun its transition to a four-season model.

What budget should you allow for investing in Courchevel or Méribel?

Expect to pay between €8,000 and €15,000 per square metre depending on the area and the quality of the property. For a 30 m² studio, the budget starts at around €250,000 in Méribel and €300,000 in Courchevel. Add 10 to 15% for associated costs (solicitor’s fees, furnishings, any initial renovation work).