Mortgages in Portugal at highest rate in 20 years

Home loans rose 10.4% in January compared to the same period last year, the highest annual growth rate since February 2006, according to data released by the Bank of Portugal.

In turn, the total value of loans granted to individuals saw an increase of 9.8% in the first month of the year, compared to the same period in 2024, making this the highest growth rate since February 2008.

The stock of home loans grew by €803 million compared to December, totaling €111.7 billion at the end of January.

On the other hand, the value of loans for consumption and other purposes increased by €49 million compared to December, to €33.8 billion, representing a growth of 7.9%, with the Bank of Portugal indicating a stabilization at 7.3% in consumer loans and an increase to 8.9% in loans for other purposes.

SOURCE: Journal Económico; Credits: Tierra Mallorca on Unsplash