Rachel Millard looks at holiday homes in the French ski resorts of Tignes and Valmorel

A rare sight stands next to the church high in the mountains: said to be the only statue in France showing Christ with his hands held down off the cross.

Arms stretched towards the valley, his pose both laments the loss of the nearby original village of Tignes, flooded to build a hydro-electric damn in 1952, and welcomes newcomers.

More than 50 years later this spectacular part of the French Alps draws 500,000 winter visitors every year – not far off that in summer – and Tignes Les Boisses is once again undergoing huge change.

It is here that leading Alpine developer MGM is creating its biggest project yet, a hamlet of 250 apartments for mountain tourists, almost two kilometres above sea level in the village renamed Tignes 1800.

Defunct buildings have been moved, the road re-routed, slopes refashioned and masses of local granite, pine and stone hauled in to create the four-star Résidence Kalinda, high in the Tarentaise Valley.

Already open and nearly half built, most of the apartments here are being sold on leaseback, a 25-year-old, government-backed scheme designed to keep resorts full and make holiday homes attractive investments. Some are also available for outright purchase.

Under the leaseback arrangement, buyers own the freehold and lease the property back to a management company, in this case a wing of MGM, for letting over an initial period of 11 years.

The French government waives VAT – currently around 20% – on the purchase price, while the owner can use the property for a fixed number of weeks each year and gets a guaranteed annual rental income.

MGM freeholders can expect a net rental income of a little more than 1% of the purchase price every year, after management and maintenance costs are taken out. They can get more by using the property less. For example, a four-bed apartment would give an annual rental income of €13,000 with no in-season use and €7,000 with six weeks’ in-season use. Owners can also use the properties for 28 days out of season.

Flats in Résidence Kalinda start at €175,000 for a 29m2 studio, rising to €500,000 for an 83 m2, three-bed apartment on the top floor. Prices are likely to rise in the long-term, MGM says, not least thanks to the toughness of local planning laws.

Founded in 1963 by Maurice Giraud and now run by his son, David Giraud, MGM has a reputation for high quality, eco-friendly buildings, and this latest venture will do nothing to dent that.

The pine and stone chalets are spacious and snug. Huge windows and balconies look straight onto the mountains. Luxury facilities for occupiers in-season include an indoor pool, children’s pool, sauna, gym, massage parlour and treatment rooms.

On the doorstep is one of the best skiing areas in the world, the 300km of ski runs making up the Éspace Killy, from the Grande Motte glacier in Tignes to the sunny slopes of Val-d’Isère.

That world-renowned resort is about five minutes away; Tignes Val Claret ten minutes. In the summer, there’s glacier-skiing, water-jumping, golf and dozens of other activities in this spectacular setting.

And to access all that, frequent shuttle buses, a pool of electric cars, and an eight-seater chair lift that can whizz you nearly one kilometre up the mountain in less than four minutes.

So far there is a smattering of restaurants, bars and shops serving the fledgling Tignes 1800 development, including the more traditional style Ô 1800 restaurant.

After-ski life is far more advanced, however, in the second site for one of MGM’s new developments, the 1,370m high Valmorel, about 60km west of Tignes 1800.

Created in 1976, Valmorel has been slowly expanded by French, Belgian and Dutch developers, its main street especially narrowed to encourage human interaction inbetween the bars, restaurants and shops.

Here MGM is now building phase two of its new La Grange aux Fées résidence – 63 apartments, 37 of which are available to buy now on leaseback and 26 to buy outright.

Much like in Résidence Kalinda, there’s an emphasis on luxury: four-star facilities include an indoor pool, children’s pool, fitness suite, gym, Jacuzzi, steam room and beauty rooms.

Granite blocks from the Alps’ highest mountain, Mont Blanc, are used in the reception fireplace. Apartments have underground parking and cellar storage.

The resort itself is keen to encourage families. Children can be included on a family bargain ski pass until the age of 21. There’s a weekly teenagers’ ball and a Club Piou Piou looks after children between the ages of 18 months and six-years-old.

All that to one side – the snow seems pretty excellent, too. During an afternoon skiing in the resort at the end of January, part of a stay courtesy of MGM, the snow was deep, great to ski, and falling non-stop.

The resort is known as a “pot of snow” our guide explained, with snow clouds locked in by the surrounding mountains. Perfect.

For more information, visit www.mgmfrenchproperties.com or telephone +44 (0) 20 7494 0706.