In March 2023

Implicit interest rate on housing credit rose to 2.9%

According to information made available by Statistics Portugal (INE), in March 2023, the implicit interest rate on housing credit in the Autonomous Region of Madeira was 2.935%, increasing by 0.310 percentage points (pp) from the previous month, growing for the 12^th consecutive month and reaching the highest value since July of 2009. It should be noted that, in March 2022, the implicit interest rate was 0.749%.

The average value of loan repayments for all housing credit contracts rose by 8 euros compared to the previous month, to 345 euros, with the interest set at 152 euros (up by 16 euros from the previous month) and the capital amortisation at 193 euros (down by 8 euros over the previous month). In the same month, the average value of loan repayments was 268 euros.  

In turn, the average outstanding loan value for housing credit contracts decreased to 62,488 euros (62,534 euros in February). A year earlier it stood at 59,605 euros. 

In Portugal, and for all housing credit contracts, the implicit interest rate rose to 2.829%, up by 0.297 pp over the previous month. The average value of loan repayments increased to 331 euros, with the average outstanding loan value going up from 62,533 euros in February, to 62,699 euros, in March 2023. In the country, the interest rose by 16 euros compared to the previous month, while capital amortisation fell by 7 euros.

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