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Density‐dependence effects acting on fecundity can be explained by two competing hypotheses. The individual adjustment hypothesis (IAH) states that, as population density increases, interference among individuals negatively affects their breeding performance. The second hypothesis, the habitat heterogeneity hypothesis (HHH), proposes that, as more individuals occupy the space available, lower quality habitats are increasingly used, causing average population fecundity to decline. In territorial species, it is often predicted that interference mechanisms (IAH) should be of less importance than spatial heterogeneity (HHH). Here, we test this prediction in Golden Eagles, using 35 years of reproduction monitoring data from a population that has been recolonizing the grounds of a French National Park (Ecrins) in the Alps. During the study period, the Eagle population increased from c. 11 to 41 territorial pairs, providing a good opportunity to explicitly assess fecundity across a gradient of densities. Under the IAH, we expect the fecundity of all territories to diminish as density rises. Under strict HHH, older territories should maintain higher fecundity across time, and a positive relationship between fecundity and the seniority of a territory should be observed. A density‐dependent pattern was clearly detected at the population level. At the territory level, the decrease of fecundity was strongly related to population size but not to territory seniority. Fecundity decreased similarly in all territories, suggesting that the IAH better explains the observed pattern. Two alternative mechanisms, related to the IAH, could be at play in this population: (1) negative interference by neighbours and non‐territorial Eagles and (2) the contraction of individual territories over time. Our results provide new insights into density dependence in territorial raptors, suggesting that, in addition to habitat heterogeneity, interference mechanisms might actually also play an important role. [ABSTRACT FROM AUTHOR]