In December 2022

Implicit interest rate on housing credit stood close to 2%

According to information made available by Statistics Portugal (INE), in December 2022, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 1.933%, increasing by 0.342 percentage points (pp) from the previous month, growing for the 9^th consecutive month and reaching the highest value since October of 2012. It should be noted that, In December 2021, the implicit interest rate was 0.762%.

The average value of loan repayments for all housing credit contracts rose 9 euros compared to the previous month, to 310 euros, with the interest set at 99 euros (up by 17 euros from the previous month) and the capital amortisation at 211 euros (down by 8 euros over the previous month). In December 2021, the average value of loan repayments was 266 euros.  

In turn, the average outstanding loan value for housing credit contracts increased to 61,914 euros (61,718 euros in November 2022). A year earlier it stood at 59,089 euros. 

In Portugal, and for all housing credit contracts, the implicit interest rate rose to 1.898%, up by 0.301 pp over the previous month. The average value of loan repayments increased to 299 euros, with the average outstanding loan value going up from 61,763 euros, in November 2022, to 62,004 euros, in December 2022. In the country, the interest rose by 16 euros compared to the previous month, while capital amortisation fell by 5 euros.

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