Snow fell in abundance this winter, and the resorts were sold out for the Christmas holidays. February looks just as promising. Enough to revive theattraction for mountain real estate. However, behind the postcard, the market must deal with new constraints.
According to a Fnaim study from December 2025, although prices have started to rise again since spring 2025, the risks for investors have not disappeared: more uncertain snow at mid-altitude, rental restrictions linked to poor DPE, more severe taxation. Buying a chalet or studio in the mountains today requires more precautions.
Prices rising… but not everywhere
As of October 1, 2025, according to Fnaim, the average price in ski resorts stands at 4,003 euros per square meteragainst less than 3,000 euros nationally. In the Northern Alps, the square meter climbs to 5,201 euros on averageand reached peaks in the most popular resorts: 14,696 euros in Val d’Isère, 13,637 euros in Courchevel, 11,444 euros in Méribel. Conversely, the Massif Central and Corsica remain below the bar. 2,000 euros per square meter.
In this context, altitude becomes a decisive criterion: in five years, prices have increased 1.5 times faster above 1,500m below, where the snow becomes uncertain. The Court of Auditors was already warning in 2024 about the increasing vulnerability of medium altitude stationsexposed to shorter winter seasons.
DPE, taxation, regulation: the triple penalty
Another Achilles heel of mountain real estate: DPEs. According to Fnaim, 28% of housing in station are classified F or Gmore than double the national average. If we add the properties classified E, almost two thirds of the park will be covered by the Climate and Resilience Law, which gradually prohibits the rental of poorly rated housing by 2034.
A problem all the more thorny since 59% of housing are second homes, often excluded from renovation aid such as MaPrimeRénov’.
To this is added a stricter supervision of furnished tourist accommodation with the Le Meur law: compulsory registration by May 2026, increased power of mayors who can establish quotas to limit Airbnb-type rentals, and increased taxation. So many constraints which reduce the profitability of investors in the mountains.
Why the mountain remains attractive
Despite these constraints, the mountain continues to seduce. There rarity goods and sustained demand maintain pressure on prices. Above all, the model is evolving. More and more resorts are focusing on “four seasons” tourism: hiking, mountain biking, hydrotherapy, culture, summer and winter.
Summer freshness can also be a strong argument at heatwaves repeated. Finally, the 2030 Winter Olympics in the French Alps should stimulate attendance and attraction to the mountains.
Good reflexes for investing without making a mistake
To invest without making a mistake, it is better to aim high, literally and figuratively. Firstly by favoring high altitude resorts: above 1,800 metersthey are more resilient to global warming.
Then, target resorts capable of living without skiing that focus on “4 seasons“. The more diversified the offer (nature, summer sports, hydrotherapy, teleworking), the more attractive your property will remain for rental and will preserve its value.
Last point: before buying, anticipate the cost of energy renovation work in the purchase price. A mediocre DPE now conditions the very possibility of renting.
