As of now, the 12-month savings interest rates of most major banks are below 5.3%. Specifically, at Techcombank, the deposit interest rate is 5.25%, Vietcombank (5.10%), Agribank (5.50%), BIDV (5.30%), VPBank (5.30%).
Faced with the trend of decreasing savings interest rates, idle money is no longer flowing into banks. According to data on total means of payment and customer deposit balances at credit institutions, as of the end of May 2023, deposits of organizations were at VND 5,748 trillion, down 3.45% compared to the beginning of the year. Difficulties in production and business in recent times are considered the main cause of this downward trend. Enterprises have to withdraw deposits from banks to deal with the difficulties.
According to economic expert Dr. Can Van Luc, from now until the end of the year, there will be a large amount of bank deposits maturing. When interest rates decrease, many investors will no longer be interested in bank deposits. Instead, they will turn to investment channels that bring higher profits than savings deposits.
Interest rates continue to fall, investment cash flows "turn" to real estate. (Photo: OC)
Commenting on the recovery signals of the real estate market in the second half of 2023, Mr. Tran Minh Tien, Director of the Center for Market Research & Customer Insights One Mount Real Estate said: From the second quarter of 2023, the market has improved compared to the first quarter; the third quarter is better than the second quarter and this trend will continue in the fourth quarter. This is also the most exciting time of the year.
"Along with that, the market from the end of 2023 is receiving a large cash flow from savings deposits and securities. Many investors have accumulated confidence, demand and finance during the past year of market stagnation, so from the fourth quarter of this year there will be momentum for transactions to explode," said Mr. Tien.
In the report of One Mount Real Estate, it shows that, aiming at and meeting the real housing needs, apartments are a bright segment of the Hanoi real estate market, especially in the period when the market is still lacking new supply. Most of the new supply of the market is stopping at the level of information, expected offering time, very few projects have clear launching movements.
Transactions of transferred apartments with "good prices" are aimed at completed projects, clear legal status, red books in the owner's name...
According to a summary from the One Mount Real Estate Center for Market Research & Customer Insights, the transfer market recorded a high transaction level with two key projects in Hanoi including the East and the West.
Mr. Ta Van Mung, an expert from One Mount Real Estate, commented on the transfer market situation. Compared to the beginning of the year when the market was quiet, the value of transferred apartments still increased by about 3-5% and is one of the bright spots of the market, playing the role of "keeping the fire" and circulating the market. In addition to primary investment, investing in transferred apartments has recently been the choice of many investors, especially in large cities like Hanoi.
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