More than a third of new mortgages in 2024 were granted for amounts over €150,000, an increase compared to the previous year.

The most recent data from the Bank of Portugal (BdP) show that "the average amount of new mortgages increased, in a context of rising house prices." In 2024, this average amount was €142,791, up 4.3% compared to the previous year.

This increase is explained by the 9.1% annual increase in house sales prices, which led families to borrow more money from the bank to buy a home. Last year, more than a third of new mortgage loans were signed for amounts over €150,000, increasing from 30.3% in 2023 to 34.8% in 2024.

"On the other hand, the share of contracts signed for amounts under €90,000 decreased again, now representing 30.5% of contracts signed (31.4% in 2023). There was also a decrease in the share of contracts signed for amounts between €90,000 and €120,000 (17.4% in 2024, compared to 20.2% in 2023)," the BdP highlights in the Credit Market Monitoring Report released in early July.

In 2024, an average of 10,447 new mortgage loan contracts were signed per month, a 26.6% increase compared to the previous year. “In these contracts, a monthly average of 1,491.7 million euros of housing credit was granted, an increase of 32% compared to 2023, which contrasts with the decrease seen in that year,” it also reads.