In July 2024

Implicit interest rate on housing loans in the Autonomous Region of Madeira declined for the sixth consecutive month

According to information provided by Statistics Portugal (INE), in July 2024, the implicit interest rate for all housing loan agreements in the Autonomous Region of Madeira stood at 4.618%, representing a decrease of 0.027 percentage points (pp) compared to the previous month. It is noteworthy that this marks the sixth consecutive reduction in this indicator, following 22 consecutive months of increase. It should also be noted that in July 2023, the implicit interest rate on housing loans was 4.029%.

The average value of loan repayments for all housing loan agreements increased by 1 euro from the previous month to 418 euros. Of this amount, interest amounted to 247 euros (down by 1 euro over the previous month) while amortisation accounted for 171 euros (up by 2 euros over the previous month). In the same month last year, the average value of loan repayments was 382 euros.

Furthermore, the average outstanding amount for housing loan agreements increased for the 15^th consecutive month, standing at 65,287 euros in July 2024 (compared to 65,046 euros in June 2024). A year earlier, this amount was 62,888 euros.

At the national level, and considering all housing loan agreements, the implicit interest rate decreased to 4.487%, down by 0.026 pp over the previous month. The average value of loan repayments for all agreements increased to 405 euros, while the average outstanding amount increased to 66,529 euros (compared to 66,279 euros in the previous month). In the country, interest rates decreased by 1 euro compared to the previous month to 244 euros, while amortisation increased by 2 euros to 161 euros.

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