Real Estate analysis of Le Caprice Blanc in La Toussuire

Here’s a summary of the key information for the LE CAPRICE BLANC development project:

🏢 Project Overview

• Name: LE CAPRICE BLANC

• Location: Champ l’Eriscal, 73300 Fontcouverte-la-Toussuire, France

• Resort: La Toussuire

• Status: Active

• Expected Delivery: Q2 2026

• Actability: Q2 2024

• GFA Date: 31/07/2024

• Minimum/Maximum Unit Types: Studio to T5

• Permit Type: Residential housing under the “Loi Montagne”(Developments in certain ski areas are required to retain a tourism function:  need to be rented out seasonally).

• Operation Type: Classified residential tourism co-ownership (CRT)

🧾 Financial Details

• VAT Recovery: Yes (if under commercial lease)

• Deposit: 2% of total property price (TTC)

• Annual Co-ownership Charges: €47/m² (TTC)

• Profitability (if you take the leaseback option only): 3.90% (based on HT prices of apartment, parking, and furniture; net of rental charges)

🛠️ Construction

• Modification works Status: No longer possible for structural/gros œuvre changes

🏊 Common Amenities

• Swimming pool

• Wellness area

📑 Other Administrative Points

• Permitted Allocation (under PC Habitation law):

  • 85% of units: Must be with rental management option

  • 15%: Can be direct management or no management (requires validation)

Summary of the main fixtures and finishes in the LE CAPRICE BLANC  apartments, based on the technical description:

🏠 Interior Fixtures & Finishes

Flooring

• Living areas (entrance, kitchen, living room, bathrooms, toilets, hallways):
  Large-format stone-look porcelain tiles (60×60 cm).

• Bedrooms and cabin rooms:
  Wide oak hardwood flooring.

• Terraces and balconies:
  Wooden decking.

• Baseboards:
  Solid wood.

Walls & Ceilings

• Walls (general):
  Smooth velvet-finish paint.

• Feature walls:
  Brushed fir wood panelling in living rooms and bedroom headboards.

• Bathrooms:
  Stone-look porcelain tiles (30×60 cm), full-height on all walls.

• Ceilings (bathrooms and toilets):
  Suspended ceilings with recessed lighting.

• Top-floor apartments:
  Visible roof structure with brushed fir wood finishes and architectural treatment.

🛁 Sanitary & Bathroom Equipment

• Bath:
  Acrylic, 170×70 cm (Villeroy & Boch or equivalent), tiled side panels.

• Shower:
  Extra-flat (90×90 cm or 80×100 cm).

• Toilets:
  Wall-hung ceramic toilets (Villeroy & Boch).

• Vanity units:

  • Solid or laminated wood

  • Villeroy & Boch ceramic sinks

  • Hansgrohe mixer taps

  • Decorative mirrors and lighting

🍽️ Kitchen Equipment

• Worktop:
  Stone-look compact HPL laminate.

• Sink:
  High-density anthracite resin with integrated drainer.

• Tap:
  Hansgrohe single-lever mixer with pull-out spray.

• Appliances (fully fitted):

  • 3-zone induction hob

  • Integrated extractor hood

  • Fridge with freezer compartment

  • Pyrolytic oven

  • Microwave (built-in)

  • Dishwasher (12 settings)

🌡️ Heating & Hot Water

• System:
  Collective high-performance boiler (gas and/or wood).

• Distribution:
  Underfloor low-temperature heating + ambient thermostat.

• Bathrooms:
  Electric black matte towel warmers (ACOVA Cala or equivalent).

• Hot Water:
  Supplied by the collective boiler, with individual volume metering.

🚪 Woodwork

• Interior doors & closets:
  Solid brushed fir wood with complete interior fittings (shelves & hanging rail).

• Entrance doors:
  Brushed fir, secure with a 3-point lock and seal.

🚗 Additional Amenities

• Electric mobility:

  • Shared EV charging stations (7.4–22 kw)

  • Pre-wired individual spots (IRVE ready)

• Ski room:
  Heated lockers for ski boots

• Wellness area:
  Indoor pool, sauna, hammam, jacuzzi, and treatment rooms

Case Study: 2-Bedroom Apartment Rental at LE CAPRICE BLANC , La Toussuire

Project Overview

Le Caprice Blanc is a premium alpine residence located in the ski resort of La Toussuire (1750m altitude), part of the expansive Les Sybelles domain in the French Alps. The project delivers high-end mountain living with a strong focus on wellness, design, and rental viability.

Set for delivery in 2026, the residence features wellness facilities (indoor pool, spa, hammam, sauna, jacuzzi), ski-in/ski-out convenience, and contemporary alpine architecture combining natural stone, brushed larch wood, and panoramic glazing.

Apartment Description

This case focuses on a 2-bedroom unit (T3), designed for 4 to 6 occupants. Based on the technical specification:

• Interior finishes include oak parquet in bedrooms, large-format stone-look ceramic tiles in main areas, brushed fir wall cladding, and designer lighting.

• The kitchen comes fully equipped with premium appliances including induction cooktop, built-in oven, microwave, fridge-freezer, and dishwasher.

• Bathrooms feature designer fixtures from Villeroy & Boch and Hansgrohe, walk-in showers, and electric towel warmers.

• Heating is via collective high-efficiency gas/wood boiler with underfloor distribution and individual consumption meters.

• Each apartment includes a ski locker with heated boot storage and access to shared electric vehicle charging infrastructure.

Rental Income Estimation

Rental simulation based on the local tourism market, unit capacity, location, and amenities. Key figures:

• Estimated Gross Annual Rental Income (Owner Share, HT): €14,777
  (Net of para-hotelier services and based on an average 70% occupancy)

• Tourist Seasons Considered:

  • Winter: 18 rental weeks

  • Summer: 8 rental weeks

• Shoulder Seasons: Spring and autumn are still available for owners’ personal use.

The rental model uses yield management, adjusting weekly rates dynamically based on demand, seasonality, and occupancy rates, similar to hotel pricing models.

Cost Coverage Analysis

To cover annual operational charges, the owner needs to rent the property for approximately 4 to 6 weeks during the high winter season.

Covered Charges Include:

• Co-ownership charges: €4/m²/month TTC

• Utilities & water: €3/m²/month TTC

• Property tax: €2/m²/month TTC

These cover comprehensive residence services including:

• Building insurance, heating, and maintenance contracts

• Shared utilities (gas, water, electricity)

• Snow clearing, landscaping, cleaning

• Staff availability 12 months/year

• Use of wellness areas

This setup ensures that, beyond the break-even point, 20–22 additional rental weeks remain available to generate profit or for personal occupancy (within 182 days per year, per regulations).

Rental Management Options

On offer, flexible rental solutions, tailored to various ownership profiles:

1. Dynamic Solution 

Best for owners seeking income + personal use:

• Flexible personal occupancy (up to 6 months/year)

• Listing through Terrésens’ extensive tourism channels

• VAT refund eligibility (20%)

• No property tax (taxe d’habitation) due to commercial use

2. Classic Solution – Non-Exclusive Mandate

Suitable for owners preferring limited seasonal letting:

• Renewed yearly

• Owner chooses rental weeks

• No fixed commitment

3. Basic Concierge Service – Self-Managed Rentals

For those wanting full control:

• Provides concierge services: check-in/out, linen, cleaning, etc.

• The owner handles marketing and booking

Investment Insights

📈 Rental Profitability

The estimated rental income of €14,777 represents a net return, prior to tax optimisation via LMNP/BIC regimes. Once all charges (roughly 4–6 peak weeks) are covered, remaining rental periods provide passive profit or personal use flexibility.

💰 Tax Advantages

• VAT Recovery: 20% of the purchase price, if opting for CRT lease

• LMNP or BIC Hôtelier: Enables amortisation of property value, reducing taxable income (no income tax for 10 years or more in most cases)

• No taxe d’habitation (council tax) under the lease model

🧳 Owner Usage Flexibility

Owners can enjoy personal stays up to 182 days/year. The rental system allows precise control over which weeks are made available for guests, ensuring optimal lifestyle and investment balance.

Market Context: La Toussuire

La Toussuire is a rising alpine destination within the Les Sybelles ski domain (310 km of slopes), known for:

• Family-friendly slopes and facilities

• Growing popularity among international skiers

• Elevated at 1,750 meters, ensuring good snow reliability

• Active summer tourism: hiking, biking, festivals

Rental demand is solid in both winter and summer, making year-round profitability viable. The location’s blend of altitude, accessibility, and infrastructure supports long-term rental viability and property value appreciation.

Strengths of LE CAPRICE BLANC for Investors

✅ High-Quality Construction & Finishes
✅ Wellness Amenities Add Rental Appeal
✅ Full VAT Recovery + Tax Efficiency
✅ Strong Estimated Guaranteed Rental Yield (~3.90%)
✅ Low Personal Commitment (4-6 weeks to cover costs)
✅ Owner Freedom up to 182 Days/Year
✅ Location within a Major Ski Domain

Potential Risks & Considerations

• Yield variability: Actual income depends on occupancy, market rates, and seasonal trends.

• Limited self-use under some lease models (you have other options): Especially if prioritising income.

• Market exposure: Alpine tourism is seasonal, though increasingly year-round.

These are largely mitigated by the project’s strong management options and prime positioning.

Conclusion

Le Caprice Blanc presents a balanced lifestyle investment opportunity. With upscale finishes, premium amenities, and reliable rental structures, it aligns with both personal use and wealth-building goals. The 2-bed apartments provide versatility for families, strong rental appeal, and efficient charge coverage with minimal effort.

Combined with tax advantages, this investment is ideal for buyers seeking a part-time holiday home that pays for itself — or even generates surplus income — while enjoying the French Alps year-round.