Property Appreciation

Hi, this is a bit of a crystal ball question so apologies in advance.

We are looking at buying (have paid deposit) an appartment in a ski resort in French Alps. It's a low resort but with direct ski-lift access to two major high-level ski areas. We have seen and like the location. It is to be a 4* property with swimming pool, garage etc and is priced at €4,450 psm.

My initial calculations looked pretty good with the project becoming self-financing in the second half of the 20 yr period. However, when I looked at the draft lease the rental income (4%) was only on the habitable part of the appt (excl garage, furniture etc) and turned out to be less than 3.5% with no occupancy. Also, I had factored in a 2.3% index rise pa but it is limited to 1.5% pa every 3 years in the lease. This makes it quite expensive and never becomes self-financing. Even though it is not purely an investment project ( we would like to use it ourselves), I would hope there would be reasonable capital appreciation over the period.

My questions: is there any evidence that this kind of property (ex residence de tourisme) performs less well than ordinary appartments/chalets etc? Is the initial price inflated because of the VAT refund? Are there any reasonable predictions of what capital appreciation might be in the future?

Sorry for rambling so much!