In 2024, 43% of new housing credits are young people up to 35 years old.
Almost half of the housing credits in 2024 were contracted by young people up to 35 years old, driven by new government incentives.
Young people up to 35 years old represented 43% of new housing loans in 2024.
Bank of Portugal (BdP) data on the sociodemographic characteristics of debtors reveal that more than four out of 10 people who took out permanent home credit in 2024 were young people up to 35 years old.
The information shared by Notícias ao Minuto states that 43% of people who took out this financing in the past year were between 18 and 35 years old. This represents an increase of two percentage points compared to 2023 (41%).
These data can be justified by the measures that came into effect in 2024 to facilitate young people's access to the housing market, such as the exemption from IMT and Stamp Duty on the purchase of the first own and permanent home.
However, it is noteworthy that public guarantee, which allows young people up to 35 years old to have access to 100% financed housing credit, only came into effect this year.
According to the data from BdP, there were 138 thousand people who celebrated with banks 90 thousand contracts for permanent own housing credit in 2024, 32% more than in 2023. Half of the new credits had a value equal to or less than 130 thousand euros, and only 5% exceeded 300 thousand euros.
Among the people who contracted a housing loan, it was concluded that 80% worked as employees, 53% had a higher level of education, 22% lived in Greater Lisbon, and 18% in the Porto Metropolitan Area.
It should be noted that, in this analysis, "credit contracts for the acquisition, construction, or realization of works on real estate used as the main residence of the owner and the family household" are considered. And also: "data on what it refers to as 'other housing credit', referring to contracts for the acquisition, construction, or realization of works on secondary housing or for rent, as well as for the acquisition of land for housing construction," the news reads.
So, reveals that 30% of debtors were foreigners, being "mainly from Brazil, the United States and Angola (15%, 14% and 13%, respectively)". "Only considering foreign debtors residing outside Portugal, this percentage drops to 23%".
Regarding the amount, foreign debtors were responsible for 45% of the total value of other housing credit, below the 50% value in 2023.
Also read: Mortgage credit for foreigners: What documents are needed?
In 2024, 2.2 million new credit contracts were signed, covering various purposes such as housing, personal, and automobile loans. In total, 1.7 million people resorted to financing, corresponding to a total amount of 29 billion euros.
According to the Bank of Portugal (BdP), the proportion of foreign debtors among new credit takers increased from 13% in 2023 to 14% the following year. Among these, half were Brazilian nationals.
In the personal credit segment, 593 thousand people took out loans in 2024, with in half of cases, the amounts did not exceed 3,500 euros.
In car credit, 224 thousand contracts were formalized, reflecting a 12% growth compared to 2023. The majority of new financing (74%) was below 20 thousand euros, while only 1% exceeded 50 thousand euros.
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