In August 2023

Implicit interest rate on housing loan agreements in the Autonomous Region of Madeira rose to 4.2%

In August 2023, according to information provided by Statistics Portugal (INE), the implicit interest rate on housing loan agreements in the Autonomous Region of Madeira (ARM) stood at 4.225%, representing an increase of 0.196 percentage points (pp) compared to the previous month. It should be noted that in August 2022, the implicit interest rate on housing loan agreements was only 0.961%.

In terms of loan repayments for all housing loan contracts, the average value increased by 7 euros compared to the previous month, reaching 389 euros, with the interest amounting to 218 euros (an increase of 10 euros compared to the previous month) and the amortisation at 171 euros (a decrease of 3 euros compared to the preceding month). In the same month of the previous year, the average value of loan repayments amount was 280 euros.

Furthermore, the average outstanding loan amount for housing loan contracts increased, reaching 62,908 euros this month (compared to 62,888 euros in July 2023). A year earlier, it was 60,935 euros.

At the national level, encompassing all housing loan contracts, the implicit interest rate increased to 4.089%, which is 0.211 pp higher than the previous month. The average value of loan repayments for all contracts amounts increased to 379 euros, and the average outstanding loan amount grew to 63,740 euros (compared to 63,555 euros in the previous month). In the country as a whole, interest payments increased by 12 euros compared to the previous month, while the amortisation decreased by 3 euros.

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