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Foreigners officially allowed to buy homes at Vinhomes Ocean Park 2, 3

Foreigners officially allowed to buy homes at Vinhomes Ocean Park 2, 3

Saturday, July 06, 2024, 08:13 GMT+7
Foreigners officially allowed to buy homes at Vinhomes Ocean Park 2, 3

Real estate developer Vinhomes, an arm of Vietnam's largest conglomerate Vingroup, has officially received a license to sell apartments at its Vinhomes Ocean Park 2 and 3 projects in Hung Yen Province, northern Vietnam to foreigners.

This is an important milestone, opening up great opportunities for foreign experts and high-skilled laborers to own homes and grasp an opportunity to start business in anticipation of an influx of residents in “one of the most worth-living places on the planet” in the east of Hanoi.

Opening doors to foreigners

Vinhomes concurrently got the approval to offer apartments at Vinhomes Ocean Park 2 and 3 to foreigners on June 28, 2024.

This is also good news for the local real estate market as foreigners would not only have an additional worthy choice but also settle at two out of Vietnam’s high-end and high-quality property projects.

The new Housing and Land Laws will take effect on August 1, 2024, providing more detailed mechanisms to issue separate house ownership certificates for foreigners buying homes at Vinhomes Ocean Park 2 and 3.

In particular, foreigners can own homes at the projects for 50 years and have the home ownership extended once with a maximum period of 50 years.

The policy helps foreigners have homes under their names, providing them with absolute peace of mind as they can own the high-class property products in the market.

Projects that meet the long-term settlement demand of foreigners like Vinhomes Ocean Park 2 and 3 can be counted on the fingers of one hand.
Projects that meet the long-term settlement demand of foreigners like Vinhomes Ocean Park 2 and 3 can be counted on the fingers of one hand.

The information that homes at Vinhomes Ocean Park 2 and 3 were officially approved to be sold to foreigners has made headlines on forums of foreigners living in Vietnam.

Lee Jang-wol, a South Korean engineer who is working in Bac Ninh Province, northern Vietnam, said he and his wife had a plan to buy a home a long time ago but they had yet to find an appropriate project.

“We are interested in Vinhomes Ocean Park 2, especially after a South Korean town called K-Town was opened at the project. The project has been officially put up for sale to foreigners, so I decided that I would live in Ocean City,” Lee added.

For Yang Ji-hyo, another South Korean person, days of experiencing the festive life which was full of the relaxing atmosphere at Vinhomes Ocean Park 3 this summer made him look forward to owning an apartment at the project.

“As only a maximum of 250 homes at each project will be offered to foreigners, I and my wife will come to choose an apartment and sign a sales contract next week. If [we] delay, the opportunity will no longer exist,” Yang excitedly shared.

Over the past few years, foreign laborers have flocked to Vietnam amid the strong increase of FDI. The number of international laborers in Vietnam was nearly 136,800 as of the end of 2023.

Many foreigners want to buy and own instead of renting houses to settle their lives.

Plenty of international individuals and organizations also have a demand to purchase properties in Vietnam for lease or serving their business.

However, the number of successful deals was modest over the past few years.

Among the main causes are the scarcity of supplies and products meeting stringent requirements of foreigners.

As a result, the approval for Vinhomes to sell Vinhomes Ocean Park 2 and 3 projects to foreigners will help supplement high-quality products to the market, partly satisfying the demand for home ownership of foreigners in Vietnam.

The K-Town night street at Vinhomes Ocean Park 2 brings many interesting experiences to South Koreans and all foreigners as a whole.
The K-Town night street at Vinhomes Ocean Park 2 brings many interesting experiences to South Koreans and all foreigners as a whole.

International-standard living environment

Situated in the heart of Ocean City, Vinhomes Ocean Park 2 and 3 gather multiple strengths, such as ideal locations, convenient traffic, clean living environment and civilized communities, meeting the requirements of the foreigner community.

The two major urban areas have high-end facilities to serve the long-term settlement demand of foreigners.

Vinhomes Ocean Park 2 and 3 benefit from radial traffic systems through the Co Linh Intersection, including the Hanoi - Hai Phong - Ha Long - Mong Cai Expressway, National Highway 5A, the Hanoi - Bac Giang Expressway, the Hanoi - Thai Nguyen Expressway, and the Thanh Tri, Vinh Tuy, Chuong Duong, Dong Tru, and Nhat Tan Bridges.

Foreigners can travel fast and conveniently to downtown Hanoi as well as industrial hubs and key economic zones in the north.

Vinhomes Ocean Park 2 and 3 boast world-class relaxation and entertainment facilities, consisting of VinWonders Wave Park, VinWonders Water Park, K-Town and Venice commercial streets, Crystal Lagoon artificial lake, green parks, and playgrounds, satisfying the criteria of living happily, healthily and safely of international customers.

“In K-Town in the heart of Vinhomes Ocean Park 2, I feel like I am in my homeland as its landscapes, architecture, facilities, and services are imbued with the South Korean spirit.

“Not only me but also many of my compatriots are excited to own a home there,” Yang shared.

Coming to K-Town at Vinhomes Ocean Park 2, South Koreans feel like they are in their homeland.
Coming to K-Town at Vinhomes Ocean Park 2, South Koreans feel like they are in their homeland.

Besides K-Town, a KGS South Korean international school and a Vinmec healthcare center will be opened at Vinhomes Ocean Park 2 in the coming time, thus completing high-end facilities and meeting the demand for living, working, entertainment, studying and healthcare of people from South Korea and all foreigners as a whole.

Officially putting the two projects up for sale to foreigners is considered a new milestone in the remarkable development of Vinhomes Ocean Park 2 and 3 and affirms the unshakable position of Ocean City, one of the most worth-living places on the planet.

In the upcoming time, a multinational community will be present in the east of the capital city, boosting the bustling growth of the local real estate market.

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