Economics in a picture
Developments in new loans for house purchase in 2021 mainly reflected an increase in the number of debtors, after contracting in the first year of the pandemic
In 2021, close to 10 thousand debtors per month had new loans for house purchase, which represents an increase of 22%, when compared to 2020. The average amount per debtor increased by 8.8% to 110 thousand euros.
In 2021, the increase in the number of debtors reflected the postponement of home buying by some individuals in the previous year, due to the uncertainty generated by the pandemic crisis. During the lockdowns there were sharp declines in the number of debtors. This number decreased around 1% in 2020, relative to 2019, while the average value followed a more stable growth path during the pandemic.
For more details see Box 2 “Developments in new loans for house purchase”, published in the Economic Bulletin of Banco de Portugal, May 2022.
Prepared by Luís Martins. The analyses, opinions and findings expressed above represent the views of the authors and not necessarily those of Banco de Portugal or the Eurosystem.
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