For example, The Eastern apartment project, located in District 9, HCMC, attracts lots of South Korean home buyers. Many of them choose to live there although they have to travel long distances every day to their offices in the central districts.
More foreigners buy houses in Vietnam since the amended Housing Law takes effect
South Korea Deputy Consul General in HCMC Hong Soon Chang said every year, nearly 850,000 South Korean people come to Vietnam to work and live.
Along with Vietnamese buyers and investor, housing developers now also seek for potential customers in the Bien Hoa and Nhon Trach Export Processing Zones, where many South Korean firms set factories.
According to a representative of a property firm developing apartment project in East of HCMC, South Korean and Japanese investors always keep contact with their fellow countrymen when making overseas investment.
He added: “Some foreign-invested companies which rent wholesale high-end apartments for their managerial personnel.”
A report by the Ho Chi Minh City Real Estate Association (HoREA) revealed that as of the end of March 2016, nearly 700 foreigners have bought luxury houses in the city after they got green light of the amended 2014 Housing Law, which took effect in July 1, 2015.
However, compared with the volume of around 90,000 foreigners living and working in Vietnam (half of them are in HCMC), the figure is quite modest.
According to its developer, the number of expats living in Phu My Hung New Urban Areas has risen by 35% in the last two years, equivalent to 15,000 residents.