In February 2024

Average value of loan repayments in housing loan agreements decreased for the first time in almost two years

According to information provided by Statistics Portugal (INE), in February 2024, the implicit interest rate for all housing loan agreements in the Autonomous Region of Madeira stood at 4.756%, registering a decrease of 0.015 percentage points (pp) compared to the previous month. It should be noted that in February 2023, the implicit interest rate in housing loans was only 2.625%.

The average value of loan repayments for all housing loan agreements decreased by 1 euro compared to the previous month, reaching 416 euros, with interest set at 251 euros ((the same value as in the previous month) and amortisation at 165 euros (down by 1 euro over the preceding month). In the same month last year, the average value of loan repayments was 337 euros. It is noteworthy that although slightly, this is the first time this indicator has decreased since March 2022.

Meanwhile, the average outstanding amount for housing loan agreements increased for the 10^th consecutive month, reaching 64,433 euros in February 2024 (64,097 euros in January 2024). A year earlier, it was 62,534 euros.

At the national level, and considering all housing loan agreements, the implicit interest rate is down to 4.641%, an increase of 0.016 pp compared to the previous month. The average value of loan repayments for all agreements decreased to 403 euros, with the average outstanding amount growing to 65,158 euros (64,790 euros in the previous month). In the country, interest rates remained unchanged when compared to the previous month (248), while the amortisation declined by 155 euros.

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