In July, the Portuguese applied for a mortgage more than at all time since 2009. For the first time, banks received loan requests for €118 billion, with new loans totalling €152.5 billion.

The growth is explained by state guarantees for young people under 35 years old. The program subsidized the budget at €1.2 billion, but authorities raised the limit to €2.3 billion. One of the reasons was the desire to avoid new restrictions of the Central Bank from August 1.
The Portuguese have never owed banks this much before.