Athena Advisers provides insight on the impact of Chamonix’s new urban planning policy and the shifting development restrictions landscape for property buyers in the French Alps. Camille Letuve, Partner at Athena Advisers, shares his insights on how these changes may reshape property investment across the region.
Chamonix closes the door on new second homes
10th April 2025
Chamonix-Mont-Blanc made history last month by becoming the first major French Alpine resort to ban new-build second homes, a move that will significantly reshape its property market.
This bold step, enabled by the recent ‘Le Meur’ law, is designed to prioritise permanent housing for local residents while restricting new secondary residences across almost all urban zones. The decision is part of a broader effort to help with housing issues for year-round residents.
What does this mean for property buyers and investors?
This is a defining moment for Chamonix. The restrictions will limit supply in one of the most sought-after destinations in the mountains, inevitably pushing prices higher for existing properties, especially the have been built recently and increasing competition for resale opportunities. From these early stages it seems it will still be possible to significantly renovate existing properties, but only if the floor-plate isn't changed and things like windows or balconies are not changed or added, as these elements would require planning. The issue for buyers will be that buying costs for resale properties are three to four times higher than those of new-builds, so properties which have been finished within the last few months will likely see the most demand.
From the town's point-of-view, this is probably a good decision. Some alpine resorts have large year-round communities, others don’t. Chamonix is one of the former and because it already has a good supply of rental accommodation, it makes sense to focus on permanent housing and these restrictions are unlikely to impact visitor accommodation numbers. With second homes currently making up 70% of the housing stock, the town has long been a hotspot for international buyers, particularly those drawn to its world-class skiing and mountaineering heritage.
Chamonix doubles down on sustainability
The new PLU (Plan Local d’Urbanisme) reinforces Chamonix’s commitment to environmental conservation and sustainable urban planning, with major provisions to convert 140 hectares into protected zones and strictly control short-term rental conversions.
What does this mean for other regions in the French Alps?
The Chamonix decision raises important questions for the future of property investment across the Alps. The seasonality and tourism dynamics of other ski resorts in the French Alps are very different to Chamonix, which is why there are different PLU policies per resort.Those thinking this will set a precedent don’t realise that PLUs have been changing and tightening for years. Buyers looking for homes in the French Alps need to take time to understand the changing policies in any of their preferred resorts.
The Impact of the PLUs
The PLUs (Plans Locaux d’Urbanisme) in France regulate land use and urban planning, dictating building permissions and development standards across various regions.
Among developers in the French Alps, it’s probably the most discussed topics right now, outside of rising building costs. On one side, PLU modifications reflect local governments’ desire to balance environmental preservation with tourism and general housing demand, and on the other, you have the developers who have to rationalise this into eligible plans that renovate old housing stock and turn them into liveable properties in line with modern demands.
Up next
Every Alpine resort faces a slightly different version of the PLU. So how do these rules vary? How have they shaped new developments and the renovation of existing properties? And more importantly, how do they support a sustainable vision for price growth in the region? Explore how PLU regulations are reshaping other Alpine regions in our next article.
