Vinhomes Ocean Park 2 and 3 were granted permission to sell homes to foreign individuals and organisations on June 28, sending a positive signal to the real estate market.

The new Law on Housing and Land Law, which both take effect on August 1, outline a clearer legal framework to grant house ownership certificates for foreigners at Vinhomes. Accordingly, foreign individuals can own a house for a period of up to 50 years. This can be extended once for a period of 50 years, ensuring legal effective ownership for foreigners.

The news has made a big splash in the expatriate community in Vietnam. Lee Jang-wol, a South Korean engineer working in Bac Ninh province, said he and his wife have been looking for a place to settle down in Hanoi.

"We were keen on Vinhomes after the launch of K-Town here, so we decided to move to Ocean City to enjoy its world-class living environment," said Jang-wol.

Meanwhile, Yang Ji-hyo’s family has had the opportunity to enjoy this summer in a resort atmosphere at Vinhomes Ocean Park 3, and he is now looking forward to being able to own a property there.

"There are only 250 apartments going on sale to foreigners, so we are researching the most suitable apartment for us and hope to sign a contract soon. If we don’t act quickly, we're afraid these apartments will be sold out fast," Ji-hyo said.

Over the past few years, foreign workers and experts have flocked to Vietnam amidst the strong flow of overseas funding. Vietnam was home to 136,800 foreign workers and experts by the end of last year.

Instead of renting, many foreigners wish to buy apartments to secure legal ownership and settle down in Vietnam. However, there have been very few transactions involving foreigners.

One of the reasons is the scarcity of supply and products that meet the strict criteria of the expatriate community. Therefore, the approval of Vinhomes Ocean Park 2 and 3 to sell properties to foreigners will provide additional supply to the market and ease the housing demand for foreigners in Vietnam.

At the heart of Ocean City, Vinhomes Ocean Park 2 and 3 meet the requirements of the expatriate community with its location, fresh atmosphere, civilised community, and connectivity.

Vinhomes Ocean Park 2 and 3 benefit from a transportation network that includes a series of intersections and national highways, promising quick and smooth journeys to several locations in the northern part of the country and beyond. Residents can also gain convenient access to downtown Hanoi, and the nearby industrial hubs and key economic regions.

At the same time, Vinhomes Ocean Park 2 and 3 also boast world-class resort and entertainment amenities, including VinWonders Wave Park and Water Park, the commercial streets of K-Town, Venice, Crystal Lagoon, green parks, amusement parks, and sport areas. These modern amenities promise to bring a happy and healthy living environment to international residents.

"I feel at home in K-Town and Vinhomes Ocean Park 2 and 3 thanks to the landscape, architecture, amenities, and services offered in the South Korean style," Ji-hyo said.

In addition to K-Town, Vinhomes Ocean Park 2 also features KGS International School and Vinmec Korea Medical Centre among the premium amenities that meet the needs of the international community here.