In June 2023

Implicit interest rate on housing loan agreements in the Autonomous Region of Madeira rose to 3.8%

According to information provided by Statistics Portugal (INE), in June 2023, the implicit interest rate on housing loans agreements in the Autonomous Region of Madeira (ARM) reached 3.786%, marking an increase of 0.233 percentage points (pp) compared to the previous month. This represents the 15^th consecutive month of growth and the highest value since May 2009. It is worth noting that in June 2022, the implicit interest rate on a housing loan agreement was only 0.816%.

The average value of loan repayments for all housing loan contracts increased by 11 euros compared to the previous month, reaching 374 euros. Interest payments amounted to 196 euros (an increase of 15 euros from the previous month), while the capital amortisation was 178 euros (a decrease of 4 euros compared to the preceding month). In the same month last year, the average value of loan repayments due was 274 euros.

At the same time, the average outstanding loan amount for housing loan contracts increased, reaching 62,738 euros this month (compared to 61,801 euros in May 2023). One year ago, it was 60,532 euros.

At the national level, considering all housing loan contracts, the implicit interest rate increased to 3.649%, which is 0.251 pp higher than the previous month. The average value of loan repayments for all contracts increased to 361 euros, and the average outstanding loan amount rose to 63,296 euros (compared to 63,169 euros in the previous month). Across the country, interest payments increased by 13 euros from the previous month, while the amortised capital decreased by 4 euros.

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