2 A tax regime which remains favour-able thanks to allowances for serviced furnished rentals, rein-forcing opportunities for diversifi-cation asset portfolios Vacation real estate, especially in the mountains, is attracting more and more institutional and private investors as a result of the increasing number of projects on offer, in a complete break with the past.

These new projects are predominately "new genera- tion" residences offering wellness areas, larger floor spaces, luxury services, all of which serve to support resorts' efforts to develop their "all seasons" offer and mitigate the risks posed by global warming.

This class of asset is especially interesting for private individuals who are attracted by the opportunity to use their investment for their own holidays, whilst also reclaiming VAT on the property if it is made available for serviced furnished rentals over a 20-year period. In particular, they can benefit from certain advantages if they sell the property, via the status of professional or non-professional furnished rental agency (LMP/ LMNP).

Fundamental trends confirmed

● Interest rates remain highly attractive even whilst the market gets tighter

● Digitalisation benefits the mountain real estate market

● Demand for summer rentals ● Resorts offering multiple activities in addition to skiing

Emerging trends

● The accelerating shift from the hotel industry to the rental sector

● Leisure investments which make good financial sense and allow diversification of asset portfolios

● The development of long-term winter rentals

● A "post-lockdown" effect: the call of the great outdoors

Vacation real estate, especially in the mountains, is attracting more

and more

4 5