In September 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 September 2024, the implicit interest rate for all housing loan agreements in the Autonomous Region of Madeira stood at 4.496%, representing a decrease of 0.053 percentage points (pp) compared to the previous month. It is noteworthy that this marks the eighth consecutive reduction in this indicator. It should also be noted that, in September 2023, the implicit interest rate on housing loans was 4.387%.
The average value of loan repayments for all housing loan agreements increased by 2 euros from the previous month to 418 euros. Of this amount, interest amounted to 243 euros (down by 2 euros over the previous month) while amortisation accounted for 175 euros (up by 4 euros over the previous month). In the same month last year, the average value of loan repayments was 396 euros.
Furthermore, the average outstanding amount for housing loan agreements increased for the 17th consecutive month, standing at 65,848 euros in September 2024 (compared to 65,608 euros in August 2024). A year earlier, this amount was 63,125 euros.
At the national level, and considering all housing loan agreements, the implicit interest rate decreased to 4.362%, down by 0.055 pp over the previous month. The average value of loan repayments for all agreements remained unchanged at 404 euros, while the average outstanding amount increased to 67,286 euros (compared to 66,874 euros in the previous month). In the country, interest rates decreased by 2 euros compared to the previous month to 240 euros, while amortisation increased by 2 euros to 164 euros.
