New Mortgages Up 30.5%

July 28, 2021 – Ana Custódio

Eleven thousand, eight hundred new housing units were licensed, while cement consumption increased by 10.5% in the year to May.

According to AICCOPN’s Statistical Housing Synthesis, the consumption of cement in Portugal reached 1.58 million tons, up 10.5% y-o-y during the first five months of 2021.

Licenses for construction or rehabilitation of residential buildings, issued by the Municipal Councils in the first five months of the year, rose by 20.4% y-o-y, while licensed dwellings in new buildings were up 15.4% y-o-y.

There was an increase in new mortgage loans granted, reaching 5.883 .illion euros, up 30.5% y-o-y.

The average mortgage loan increased by 8.8% y-o-y in May. The average for flats went up by 8.6% y-o-y, while houses saw an increase of 6.5% y-o-y.

AICCOPN’s analysis highlighted the Centre region, where there were 5,359 dwellings licensed in new builds in the twelve months ending May 2021, an increase of 6.8% compared to the 5,017 homes licensed in the previous twelve months. Of these, 18.8% were two-bedroom units, 52.7% were three-bedroom, and 17.8% were four-bedroom or larger flats. The average bank appraisal was up by 3.7% in May.

Translation: Richard D K Turner