Investing in the mountains: A changing market that remains buoyant

Between secure returns and long-term capital appreciation, the mountains are asserting themselves as a strategic destination for investors. Recent sector figures testify to this vitality, with the value of apartments and chalets in ski resorts increasing by nearly +40% in 10 years (Source: Les Echos Investir). A dynamic that underscores the growing attractiveness of high-altitude real estate.

While investing in the mountains remains more than ever a coherent strategy for buyers seeking long-term wealth preservation and an exclusive lifestyle, what are the crucial issues and which resorts should be prioritized in 2026? Here is a panorama with our real estate agency in Les Gets, which will also reveal why real estate in the Portes du Soleil is attracting growing interest.

What are the new rules for investing in the mountains?

Long perceived as a safe haven investment, the mountain real estate market now obeys new balances. More than ever, investing at altitude requires a fine reading of local dynamics and assumed strategic choices: Climate, regulations, and usage are redefining the criteria for a successful project.

Climate, altitude, and snowfall: a central criterion, but one to be nuanced

Climate change has inevitably altered investors' analysis grids. While altitude is cited as a resilience factor, with a cursor often set by the market above 1500 to 1800 meters to guarantee snowfall, it does not constitute the sole guarantee of value.

In 2026, the solidity of an investment also relies on connectivity to the ski area (rapid access to summits via infrastructure) and the resort's ability to offer "four-season" tourism. These levers make it possible to secure visitor numbers and rental income well beyond winter, thus protecting the valuation of your real estate assets.

EPC, energy renovation, and value creation levers

French mountain ranges concentrate a significant share of energy-intensive apartments and chalets. With the ban on renting out poorly rated properties (G and soon F ratings), the EPC (Energy Performance Certificate) has become a central investment criterion.

Consequently, anticipating renovation works is no longer a constraint, but a genuine performance lever. This allows you to secure rental potential, improve thermal comfort, and sustainably increase the value of your acquisition in an increasingly selective market where energy efficiency excellence is becoming a high-end standard.

Tourist rentals: The requirement for quality under the "Loi Le Meur"

The regulation of furnished tourist accommodations reached a decisive stage in 2026 with the full application of the "Loi Le Meur". This new legislative framework, more demanding on fiscal and regulatory levels, pushes aside opportunistic investments in favor of high-standard residences designed for long-term holding.

In this context, the quality of the location, the classification as furnished tourist accommodation (allowing the maintenance of advantageous tax abatements), and support by local experts make all the difference in preserving profitability and ensuring the longevity of your investment in the resort.

Top 10 resorts for investing in the mountains in 2026

Any ranking involves a degree of subjectivity. As experts anchored in the field, we assume here a strong editorial stance: that of rental efficiency and growth potential.

While historical legends (Chamonix, Megève) remain secure patrimonial values, our reading of the 2026 market deliberately values the fluidity of the experience (ski-in/ski-out, integrated village life) and the margin for price progression. This is why certain agile resorts in the Portes du Soleil rank ahead of some big names in the French Alps in our "investor" reading grid.

1. Courchevel (Savoie)

An iconic resort in the Northern Alps, Courchevel attracts an international clientele with high purchasing power. Its prestigious properties benefit from constant demand. Direct access to the Three Valleys slopes and the quality of infrastructure give properties a unique premium positioning.

Courchevel is and will remain a global icon; it is the reference market for luxury. We observe that investors who love this architectural requirement and level of service are showing growing interest in Les Gets today, appreciating, among other things, its more marked and convivial village spirit.

2. Les Gets (Haute-Savoie)

A village resort with authentic charm, Les Gets seduces a loyal family and international clientele. Its high-end positioning, combined with genuine year-round life, supports demand. Among the most sought-after properties for a real estate purchase in Les Gets, chalets close to the center retain excellent liquidity and guarantee solid capital appreciation.

It is the preferred choice for investors seeking stability, architectural elegance, and patrimonial transmission in the heart of the Portes du Soleil.

3. Megève (Haute-Savoie)

A symbol of the French "art de vivre", Megève remains a secure safe haven. Its pedestrian center, gastronomic addresses, and hushed atmosphere attract a clientele in search of elegance. The market for luxury real estate in Megève is mature, with prices at the summit, guaranteeing exceptional wealth preservation.

The elegance of Megève is indisputable. We regularly advise investors who wish to keep this chic and authentic atmosphere, but who prioritize a linked and cross-border ski area (France-Switzerland) like that of the Portes du Soleil.

4. Morzine (Haute-Savoie)

Morzine distinguishes itself by its permanent dynamism. A lively resort winter and summer alike, it attracts sports enthusiasts, families, and remote workers. This diversity favors extensive rental demand and limits seasonality. The market for real estate in Morzine offers varied opportunities, from renovated apartments in the town center to more secluded chalets.

Morzine is ideal for a balance between rental yield, flexibility of use, and long-term value increase, in the heart of a resort that is alive all year round.

5. Méribel (Savoie)

Located in the geographical heart of the 3 Valleys, Méribel is praised for its mastered architecture: here, everything is local wood and stone. It is the favorite resort of an Anglo-Saxon clientele seeking the perfect compromise between an immense ski area and an upscale, discreet village setting.

Méribel is the model of successful architectural integration. If you are sensitive to this "Traditional Chalet" aesthetic and hushed atmosphere, be aware that Châtel cultivates the same architectural requirement (ban on exposed concrete) while offering a direct connection to Switzerland.

6. Val d’Isère (Savoie)

With price per m² among the highest in the world, Val d'Isère stands out as the world capital of sport skiing. Its major asset for the investor: the altitude and the ski-in/ski-out configuration of the majority of residences, a criterion now demanded by the high-end rental clientele.

Val d'Isère is a must for the snow guarantee. In a different register, Avoriaz offers this same security (1800m) and sporting intensity, but with a unique architectural vision and a car-free life that seduces a new generation of investors.

7. Avoriaz (Haute-Savoie)

The only 100% pedestrian resort and located at 1800m altitude, Avoriaz is the snow assurance of the Portes du Soleil. Its unique architecture and its ski-in/ski-out lifestyle guarantee record rental occupancy rates all winter long, rivaling the largest Tarentaise resorts. Consequently, real estate in Avoriaz is on the rise.

It is the yield value par excellence. Its altitude will secure the investment of the most cautious regarding the climatic challenges of the coming decades.

8. Chamonix-Mont-Blanc (Haute-Savoie)

At the foot of Mont-Blanc, Chamonix benefits from world renown and has established itself for decades as a benchmark patrimonial value. The only shadow on the board is its valley town configuration which often induces certain logistics (shuttles, car) to reach the ski areas. The real estate offer in Chamonix for ski-in/ski-out is reduced to a few rare exceptional properties located in Les Houches or Argentière, for example.

Chamonix is the Holy Grail of the high mountains and has no equal if you are an unconditional fan. If the "ski-in/ski-out" criterion is a non-negotiable condition for you, your investment project will, however, be limited by the offer.

9. La Clusaz (Haute-Savoie)

In the heart of the Aravis, La Clusaz stands out thanks to its proximity to Annecy and Geneva. It is a sporty and dynamic resort, very popular for short stays. The market for real estate in La Clusaz is tight, driven by a strong identity.

Just like La Clusaz, Morzine seduces with its year-round dynamism and accessibility from Geneva. The choice between the two is often made on the size of the ski area: where the Aravis offer intimate skiing, Morzine opens the doors to an unlimited gliding space towards Switzerland.

10. Montriond (Haute-Savoie): The insider's choice

More confidential than its neighbors, Montriond is our gem in this ranking. In the immediate vicinity of Morzine and the Avoriaz ski area, this village reveals an exceptional preserved natural setting around its lake. The real estate offer in Montriond is very limited, which reinforces property values in the long term.

It is our crush for 2026. Montriond is the ideal destination for an exclusive patrimonial investment, far from urban agitation, offering a true haven of peace.

The Portes du Soleil, a ski area prized by investors

If we have placed Portes du Soleil resorts in this top 10, it is not insignificant. The market for real estate in Châtel could also have appeared here. Here are the main reasons why the area stands out for investors:

• An international ski area: One of the vastest in the world, interconnected with Switzerland to secure attractiveness.
• Village resorts with strong identity: Authenticity and neat architecture reinforce desirability.
• Four-season attractiveness: Skiing, lakes, mountain biking, hiking, and various events allow for extensive attendance all year round.
• A loyal clientele: High purchasing power guaranteeing the stability of rental demand.
• A selective real estate offer: The scarcity of land maintains prices.
• A pleasure / profitability balance: Combine personal use and rental income.
• Transmissible patrimonial value: Durable properties for a long-term strategy.

Investing in the Portes du Soleil with BARNES

Do you wish to invest in the mountains and are the Portes du Soleil appealing to you? Contact our consultants to refine your acquisition strategy. In this increasingly technical market (EPC, urban planning, taxation), intuition is no longer enough. Established in the heart of Les Gets and radiating across the entire area, BARNES Portes du Soleil offers you privileged access to off-market properties and precise expertise in local micro-markets.

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