The idea behind the government-backed scheme, which allows for a full VAT rebate over 20 years, is to encourage the construction of more rental property in less well-known tourist areas, pitching it more at the investor than the lifestyle buyer.

A new resort development in Cannes called Le Petit Lac is structured differently, allowing for much greater flexibility for owners to use their apartments. Unusually, too, says Larry O'Connor of Overseasproperties. com, who is selling the scheme, it is slap in the most popular tourism area of France, on the Riviera and just a 10-minute drive from Cannes.

Le Petit Lac is being prelaunched on the market here this weekend, with plans, models and full details available for viewing at The Westbury Hotel in Dublin 2 from 11am to 7pm today. It is not being launched in the UK until July and August.

Le Petit Lac is a luxurious resort beside the Mandelieu golf club, and there are one-, two- and three-bed apartments on offer, with prices starting at 225,557.

The scheme is due to be ready by June 2008 and the resort is within walking distance of a marina. It also has views over the famed Cannes Manelius Golf Course and is set around a two-acre lake bordering the Mediterranean beaches. Nice Airport is about a 20-minute drive away and there are numerous flights from Ireland every day.

"This development is an ideal opportunity to make an investment in overseas property, " says Larry O'Connor, who is based in Cannes 9 months a year. "The French property market is very secure and offers the investor the stability and confidence which may not exist in other overseas markets."

The scheme qualifies for the leaseback Residence de Tourisme scheme, allowing investors to claim back the 19.6% VAT after 20 years, O'Connor says. "This property also has a guaranteed, index-linked rental income for 11 years . It's calculated on the basis of 2% for the sixweek period from mid-July to the end of August each year, plus owners receive 60% of rental income generated outside this period, bringing projected income to 5.4% per annum. Personal use can go up to a maximum of 182 days a year, so it is very flexible."

Prices at Petit Lac range from 225,557 to 409,305 and the building quality and design is set to bring standards in the area to a new level, according to O'Connor.

The resort includes swimming pools, a wellness centre with spa, tennis courts, sports grounds, conferencing facilities and a private lake with walkways, set amid trees.

On view: today in the Westbury Sunday from 11am to 7pm www. overseasproperties. com Agent: Larry O'Connor, 086 - 814 8059