The impetus fueling the wave of expatriate migration to Ocean City, considered one of the world's best urban destinations, is driving a surge in the city's development.

The groundbreaking regulations from the 2023 Housing Law, officially effective from August 1, 2024, are expected to further invigorate the real estate market as conditions for foreign customers and investors to own homes in Vietnam are relaxed.

The real estate market is wide open to welcome more foreign buyers.

As of 2023, Vietnam had approximately 136,800 workers from over 110 countries and territories. The majority of these are highly skilled workers, including managers, executives, experts, and highly technical personnel, who have long-term residency plans and a desire to settle down and establish their careers.

According to statistics from the Ministry of Construction , since the relaxation of home ownership policies for foreigners in 2015, up to the end of the third quarter of 2023, more than 3,000 foreigners have purchased houses in Vietnam. However, this number is still very small compared to the demand (only accounting for about 0.53% of the total housing transactions nationwide during the 2018-2022 period). According to the same agency's statistics, approximately 4 million people want to buy houses in Vietnam in the future, including foreigners and overseas Vietnamese.

Vinhomes Ocean Park 2 and 3 were granted permission to sell to foreigners starting June 28th.

Experts predict that the wave of foreigners buying houses in Vietnam will become increasingly vibrant when the Housing Law 2023 and the Land Law 2024 officially come into effect on August 1st. Accordingly, eligible foreign organizations and individuals will be allowed to buy villas and townhouses; and will also be allowed to buy, lease-purchase, receive as gifts, inherit, and own apartments in apartment buildings. This is considered to be a much wider "door" compared to the Housing Law 2014.

“The community of tens of thousands of Koreans doing business and living in various localities has been waiting for this good news for a long time. For someone like me, who has been closely associated with Vietnam for decades, this is an important legal basis that will help improve living conditions, thereby strengthening our long-term commitment to our second homeland,” shared Mr. Yoon Kyu Hee, Director of a Korean business branch in Hanoi .

However, not every project can meet the needs of this potentially lucrative customer segment, especially those seeking a place to live. With incomes reaching up to $34,000 per month (2022 data, according to Navigos), the ideal residence for this group must meet a series of stringent standards regarding location, environment, landscape, amenities, and more.

The allure is drawing foreigners to East Hanoi.

In the first half of this year, Hanoi alone recorded over 1,000 apartments sold to foreigners. A significant portion of these were properties belonging to the "Vin" group, particularly Ocean City – considered one of the best residential cities in the world. This number is expected to increase further, as on June 28th, two prominent components of this 1,200-hectare mega-city, Vinhomes Ocean Park 2 and Vinhomes Ocean Park 3, were simultaneously licensed for sale to foreign individuals and organizations.

Previously, Ocean City caught the attention of the international community because it met all the stringent requirements and criteria for a high-class residential area. Its first advantage is its prime location, as this "destination city" easily connects to Noi Bai International Airport, the Hanoi-Bac Ninh-Bac Giang expressway, National Highway 5A, and the Hanoi-Hai Phong expressway – key routes in the entire northern economic region. In the future, many more key projects will be built, making it easier for residents to access the center of Hanoi and travel to neighboring provinces and cities.

Ocean City also captivates global residents with its exceptionally clean and spacious living environment, featuring extensive green spaces and bodies of water. Notably, the complex of "wonders" including VinWonders Wave Park (18 hectares), VinWonders Water Park (over 12 hectares), Crystal Lagoon (6.1 hectares), etc., offers a luxurious seaside resort paradise right on your doorstep.

Pioneering the creation of a comprehensive green lifestyle, Ocean City also captivates foreigners with the presence of over 100 sports fields offering a full range of training disciplines. Notably, in the near future, Vinhomes Ocean Park 2 will also feature an international-standard tennis complex and a private golf practice area spanning 1.3 hectares, allowing successful residents to access trendy sports and recharge their positive energy every day.

As a truly integrated city, Ocean City will also help those far from home find a sense of belonging by creating perfect versions of themselves, such as K-Town, which blends ancient and modern styles and is considered the new Korean Center in Vietnam; The Venice, magnificent and romantic with its Italian style; and Little Hong Kong, vibrant and colorful with Chinese influences… Not only do these zones possess original architectural beauty, but they are also full of life thanks to art performances and cultural exchange festivals between Vietnam and other countries.

The vibrant lifestyle and diverse cultural landscape of Ocean City attract international residents.

Living in a metropolis built on an "all-in-one" model, all the needs of foreigners will be met within just a few steps. In particular, this group of residents will be offered many privileged services, such as the Vinmec Korean Medical Center, the Korean International School (KGS), and the Brighton College British International School…

Rarely does a project have such “tailor-made” amenities for the international community as Ocean City. Along with the “push” in terms of policy, the destination city in the East of Hanoi is expected to quickly form “United Nations residential areas”, worthy of the title of the best urban area in the world.

Source: https://baodautu.vn/batdongsan/cu-hich-thuc-day-lan-song-nguoi-nuoc-ngoai-chuyen-cu-ve-do-thi-o-tot-nhat-the-gioi-ocean-city-d221683.html