New Housing Loans Totalled €13.773 Million in Year to November

New homes licensed for construction in Portugal increased by 11.8%.

According to a new report by AICCOPN (Association of Civil Construction and Public Works Industries), the Statistical Housing Synthesis, cement consumption in Portugal totalled 3.507 million tonnes, a year-on-year increase of 5.3%.

Residential licensing saw a 9.5% increase y-o-y in the number of new construction or rehabilitation works approved by the country’s municipalities in the first 11 months of 2021. The number of new-build homes rose by 11.8% to 25,621.

AICCOPN also calculated that financial institutions granted a total of 13.773 billion euros in mortgages in the first eleven months of 2021, an increase of 35.2%, compared to €10.186 billion a year ago. In November, financial institutions’ stock of mortgage loans grew by 1.9% y-o-y to 96.581 billion euros.

The average residential bank valuation within the mortgage application process rose by 11.2%. This increase was due to growth of 11.9% for flats and 8.1% for houses.

Read the full article in Portuguese