Foreigners Borrow 10% of Mortgage Loans in Portugal
December 22, 2022
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According to estimates of the Central Bank of Portugal (BdP), about 10% of the cost of new loans for the purchase of housing was allocated to foreigners.
According to estimates of the Central Bank of Portugal (BdP), about 10% of the cost of new loans for housing purchases was allocated to foreigners. It is due to the high demand for housing in Portugal from foreigners, as well as the fact that these buyers are increasingly of working age.
Features. If we look at the proportion of foreigners in housing loans issued by banks, that is, not only in new loans but also in the total amount on banks' balance sheets, that is an increase. From the end of 2019 to June 2022, there was an increase from 6.4% to 7%.
BDP also notes that housing loans issued by national financial institutions to foreign citizens, as a rule, have lower risk indicators. The loan-to-value ratio (LTV) is lower, and the contract maturity is also shorter.
Reasons. The increase in mortgage loans issued to foreign citizens coincides with a high demand for national real estate. "Housing transactions by non–residents have increased significantly over the last period, in particular, with the participation of buyers living outside the European Union," the Bank of Portugal said.
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