In June, the implicit interest rate for housing loan contracts in Madeira stood at 3.162%. This figure is higher than the national average of 3.101%, as well as the rates recorded in mainland Portugal (3.095%) and the Azores (3.138%), according to data from the National Statistics Institute (INE).
Despite the slightly higher interest rate, the average monthly installment in Madeira was 404 euros, seven euros less than the national and mainland average (both 411 euros). The average installment in the Azores was 329 euros.
The difference in installments is due to the average capital owed, which in Madeira was 72,750 euros, lower than the national average (78,865 euros) and mainland Portugal (79,293 euros). Interest accounted for approximately 47% of the monthly installment for Madeirans, slightly below the national average of 49.1%.
