They share the same mountain, the same snow, and the same 300km of pistes. Yet Val d'Isère and Tignes couldn't be more different when it comes to property investment.One commands €14,500 per square metre, the other offers ski-in property for less than €10,000/sqm. One is ranked among the top 3 most exclusive resorts in Europe, the other is quietly becoming the smart investor's alpine secret. One delivered +22% capital appreciation since 2020, the other generates 4.3% net rental yields.

Welcome to the great Espace Killy divide — where charm meets certainty, price meets performance, and investment strategy determines everything.

The Investment Matrix: By the Numbers

Source: Knight Frank Alpine Report 2024, Savills, MTI Real Estate Analytics, Office de Tourisme de Tignes & Val d’Isère, Domosno market data

The verdict so far: Tignes wins on altitude, snow security, yields, value, and ski access. Val d’Isère wins on prestige, capital appreciation, and absolute rental rates. The right choice depends entirely on your investment thesis.

The Investment Case: Growth vs Yield

Capital Appreciation Strategy: Val d’Isère Dominates

Val d’Isère’s +22% growth since 2020 significantly outpaces both Tignes (+19%) and the broader French Alps market (+14% average). This premium reflects three critical factors:

1. Scarcity Value: Strict planning restrictions and protected national park boundaries severely limit new development. Only 12 new-build projects delivered in the past 5 years.
2. International Prestige: Ranked consistently in the top 3 most exclusive European resorts alongside Courchevel and Verbier.
3. British Premium: UK buyers represent 33% of transactions, paying 8-12% premiums for English-speaking services and established British community.

Example ROI (Capital Growth Play):

• 2020 Purchase: €1.2M (80sqm, 2-bed ski-in/ski-out, La Daille)
• 2025 Valuation: €1.464M
• Paper Gain: €264,000 (+22%)
• Average Annual Appreciation: €52,800 (4.4%)
• Rental Income (5 years @ 3.8% net): €228,000
• Total Return: €492,000 (41% over 5 years)

Rental Yield Strategy: Tignes Delivers Superior Returns

Tignes’ 4.3% net yield beats Val d’Isère by 50 basis points – a meaningful difference when compounded. Three drivers explain this advantage:

1. Year-Round Operation: Summer glacier skiing (June-August) adds 12 weeks of high-occupancy rental vs. Val d’Isère’s limited summer appeal
2. Lower Entry Costs: €650,000 buys ski-in/ski-out in Tignes; same €650,000 buys non-ski access in Val d’Isère
3. Family Market: 68% of Tignes renters are families (vs. 42% in Val d’Isère), delivering more consistent mid-season bookings

Example ROI (Cash Flow Play):

• Purchase: €650,000 (65sqm, 2-bed + cabin, Val Claret ski-in/ski-out)
• Annual Gross Rental: €35,750 (managed rate)
• Management Fees (25%): -€8,937
• Service Charges/Taxes: -€4,500
• Net Annual Income: €22,313 (3.43% on purchase price)
• 10-Year Cumulative: €223,130
• Plus Appreciation (+19%): €123,500
• Total 10-Year Return: €346,630 (53.3%)

Property Market Deep Dive: What Actually Sells

Val d’Isère: Current Market Snapshot

Entry Points (2025 prices):

• Studio (28-32sqm): €380,000-€480,000 (€13,500-€15,000/sqm)
• 1-Bed (45-52sqm): €580,000-€780,000 (€12,900-€15,000/sqm)
• 2-Bed (60-75sqm): €950,000-€1,400,000 (€14,200-€18,700/sqm)
• 3-Bed (85-105sqm): €1,600,000-€2,800,000 (€15,800-€19,500/sqm)
• Chalets (200sqm+): €4,000,000-€15,000,000+

Premium Drivers (add 15-30%):

• La Daille ski-in/ski-out: +25%
• Central village stone chalet: +30%
• South-facing balcony with Mont Blanc views: +15%
• Recently renovated (last 3 years): +18%
• Private spa/wellness: +20%

Key Developments to Watch:

• Le Fornet new chalets: €16,500-€18,000/sqm (delivery 2026)
• La Daille refurbishments: Limited availability, premium locations
• Les Boisses modern apartments: €14,000-€16,500/sqm

Tignes: Current Market Snapshot

Entry Points (2025 prices):

• Studio (22-28sqm): €220,000-€295,000 (€9,000-€10,500/sqm)
• 1-Bed (38-45sqm): €365,000-€485,000 (€9,600-€10,800/sqm)
• 2-Bed (55-68sqm): €550,000-€780,000 (€10,000-€11,500/sqm)
• 3-Bed (75-88sqm): €775,000-€1,100,000 (€10,300-€12,500/sqm)
• Chalets (Les Brévières): €1,200,000-€3,500,000

Premium Drivers (add 12-25%):

• Val Claret ski-in/ski-out: +20%
• Les Brévières authentic chalet: +25%
• Tignes Le Lac central: +15%
• Residence with pool/spa: +12%
• Grande Motte glacier views: +10%

Key Developments to Watch:

• Isberg (Val Claret): 13 apartments, €10,800-€12,200/sqm, ski-in/ski-out
• Les Brévières renovations: Authentic hamlet, lift access, €950,000-€2,800,000
• Tignes Le Lac modernizations: €9,500-€11,000/sqm

The Tax & Financing Reality

VAT Reclaim (20% Effective Discount)

Both resorts offer VAT reclaim on qualifying new-builds under para-hôtelier (managed rental) schemes:

• Example: €800,000 property = €133,333 VAT reclaimable
• Effective cost: €666,667 (16.7% discount)
• Requirement: Minimum 9-year rental commitment via approved management

Critical: VAT reclaim significantly improves Tignes’ value proposition, as lower base prices mean the 20% discount represents better absolute savings vs. higher-priced Val d’Isère.

Financing Landscape (2025)

• French Bank Mortgages: 1.5-2.5% fixed (10-25 years), max 70-85% LTV for non-residents
• UK Re-mortgage: Often cheaper if UK property equity available
• Down Payment: Expect 25-35% minimum for non-French buyers
• Notaire Fees: 2-3% for new-build, 7-8% for resale

Annual Ownership Costs

Buyer Personas: Who Should Buy Where?

Market Outlook: 2025-2030 Projections

Val d’Isère: Continued Premium, Slowing Growth

Forecast: +3-5% annual appreciation (vs. +4.4% historical)

Drivers:

• Supply Squeeze: Only 8 new-build projects planned 2025-2028
• Demand Shift: Post-pandemic remote work sustains Alpine property interest
• Risk: Luxury market correction if recession hits; €1M+ most vulnerable

Opportunities:

• La Daille regeneration creating value uplift
• Les Boisses emerging as next premium micro-market
• Resale properties with renovation potential offering 15-20% value-add

Tignes: Steady Yields, Moderate Growth

Forecast: +2.5-3.5% annual appreciation, stable 4-4.5% yields

Drivers:

• Climate Hedge: Glacier skiing increasingly valuable as lower resorts struggle
• Family Market Growth: Multi-generational travel trend favours Tignes’ spacious, affordable properties
• Summer Season: Bike park and hiking expanding beyond traditional ski season

Opportunities:

• Les Brévières authentic chalets undervalued vs. modern developments
• 1960s-70s apartments ripe for renovation at €9,000-€10,000/sqm
• Isberg new-build offering quality at €10,800-€12,200/sqm

The Strategic Verdict: It’s Not Either/Or

Choose Val d’Isère if:

• Your horizon exceeds 10 years and capital preservation matters
• You’re willing to accept 3.8% yields for prestige and growth
• Status and legacy outweigh pure financial returns
• You have €1M+ to deploy and want scarcity value
• British community, English services, and established networks matter

Choose Tignes if:

• Cash flow and rental income are primary objectives
• You want maximum ski access per euro invested
• Snow reliability and climate-proofing drive decisions
• €650K-€900K budget requires ski-in/ski-out access
• You value function, practicality, and year-round usability

The sophisticated play? Own both.

Many experienced Alpine investors now allocate across both resorts:

• Tignes: €650-€750K property on full rental management (4.3% yield = €28-32K annually)
• Val d’Isère: €1.2-1.5M property for personal use + peak week rentals (3.8% partial yield + appreciation)
• Total Portfolio: €1.85-2.25M generating €50-70K annual income + long-term capital growth

They share the same mountain. They access the same 300km of terrain. But they serve fundamentally different investment theses.

For pure investors: Tignes delivers superior risk-adjusted returns through higher yields, lower costs, and climate resilience.
For legacy builders: Val d’Isère offers prestige, scarcity, and proven capital appreciation that compounds over decades.
For the mountains: The real luxury isn’t charm or certainty — it’s having the snow that never quits.

Available Properties

Tignes Opportunities:

• Isberg Development, Val Claret – 2-4 bed apartments from €550,000
• 6-Bed Chalet, Les Brévières – €1,850,000, authentic hamlet with lift access
• 2-Bed + Studio combination, Tignes Le Lac – €580,000, Grande Motte views

Val d’Isère Opportunities:

• Explore Val d’Isère Properties – Prime apartments and chalets
• Contact Domosno for off-market opportunities in La Daille and Le Fornet

For detailed investment consultation and current availability, contact Domosno’s Espace Killy specialists.