July 2025 established a new record in housing credit in Portugal, with more than 2.3 billion euros loaned to families in a single month. Many families got ahead of the new Bank of Portugal rules, which came into force on August 1, making the effort rate (DSTI) more demanding, which went from 50% to 45%. This change means that the monthly payment of a loan, including a simulated interest rate shock, cannot exceed 45% of the net income of the household.
The new rules have not yet resulted in a cooling of the market. Several credit intermediaries, such as Maxfinance, Doutor Finanças, and Comparajá, report that demand for financing remained stable or grew in August. Francisco Ferreira Lima, CEO of Maxfinance, stated that no slowdown in demand is being registered, while Nuno Leal, co-CEO of Doutor Finanças, highlighted that the intention to buy a house remains very strong. Xfin also continued to register high levels of demand during the month.
The new rules caused an increase in curiosity and anxiety among families, who sought free simulations to understand the impact of the changes on their specific case. According to intermediaries, people have not given up on buying a house, but will have to adjust through options such as opting for lower-value properties, increasing the down payment amount with own capital, reorganizing financial commitments, or extending the loan term. Bernardino Machado, CEO of Xfin, highlighted that the challenge is increasingly in the ability to finalize the purchase, given that the desired property is not always compatible with the financing capacity.
Intermediaries consider it premature to make a complete assessment of the impact of the new rules, with it being necessary to wait for the coming months. Tânia Barata, from Comparajá, stated that a more solid reading will be possible in October, when the processes initiated under the new rules reach a decision. Eduardo Garcia e Costa, from Keller Williams Portugal, considered that the market was already very dynamic before the new rules, and that it will be necessary to monitor the coming months to see if growth is due to an anticipation effect or a structural trend.
