In May 2024

Implicit interest rate on housing loans in the Autonomous Region of Madeira continued its downward trend

According to information provided by Statistics Portugal (INE), in May 2024, the implicit interest rate for all housing loan agreements in the Autonomous Region of Madeira stood at 4.687%, representing a decrease of 0.042 percentage points (pp) compared to the previous month. It is noteworthy that this marks the fourth consecutive reduction in this indicator, following 22 consecutive months of increase. It should also be noted that in May 2023, the implicit interest rate on housing loans was only 3.553%.

The average value of loan repayments for all housing loan agreements remained unchanged from the previous month, at 417 euros, with interest at 249 euros (down by 1 euro over the previous month) and amortisation at 168 euros (up by 1 euro over the previous month). In the same month last year, the average value of loan repayments was 363 euros.

Meanwhile, the average outstanding amount for housing loan agreements increased for the 13^th consecutive month, standing at 64,868 euros in May 2024 (compared to 64,622 euros in April 2024). A year earlier, it was 61,801 euros.

At the national level, and considering all housing loan agreements, the implicit interest rate decreased to 4.566%, 0.050 pp lower than the previous month. The average value of loan repayments for all agreements remained at 404 euros, while the average outstanding amount increased to 65,924 euros (compared to 65,577 euros in the previous month). In the country, interest rates decreased by 1 euro compared to the previous month (246 euros), while the amortised capital increased by 1 euro to 158 euros.

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