A total of €400m of mortgage loans were issued in 2015, building upon the level issued in 2014. The increase in was due to rising demand for housing, as banks were able to relax some of the stringent conditions they place on such loans. Demand also increased thanks to the lower interest rates now being charge by banks both on mortgage loans and more standard consumer loans, according to the latest data from the bank Banco de Portugal (Bank of Portugal). At the height of the property boom in 2007, €1.8bn in mortgage loans were issued in Portugal, a figure that plummeted following the crisis to a miniscule €150m in 2012 and climbing to €200m in 2013.
