GUESTS
1.6 M
+8.2%YoY
Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | January 2025
A strong start to the year, led by domestic demand and revenue growth.
Monthly · Historical edition · Published on · Revised data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
Historical edition, published on 3 September 2026 with data for January 2025.
EXECUTIVE SUMMARY
January opened 2025 with broad-based growth
Tourist accommodation recorded 1.6 million guests and 3.7 million overnight stays, up 8.2% and 6.3% year on year.
Total revenue increased 13.9% to EUR 262.0 million and room revenue rose 14.3% to EUR 188.9 million.
The combination of demand, pricing and regional growth points to a robust start, albeit with meaningful differences across destinations and source markets.
Executive takeaway
Revenue growth outpaced overnight stays, while domestic demand grew faster than international demand.
KEY INDICATORS
Revenue grew faster than volume
OVERNIGHT STAYS
3.7 M
+6.3%YoY
TOTAL REVENUE
EUR 262.0 M
+13.9%YoY
ROOM REVENUE
EUR 188.9 M
+14.3%YoY
REVPAR
EUR 33.2
+10.0%YoY
NET BED OCCUPANCY
28.9%
+0.6 ppYoY
Reading: revenue grew at more than twice the pace of overnight stays, indicating an improved yield and demand mix.
DEMAND
Domestic demand led growth
RESIDENT OVERNIGHT STAYS
1.3 M
+11.0%YoY
NON-RESIDENT STAYS
2.4 M
+3.9%YoY
Resident overnight stays rose 11.0% to 1.27 million. Non-resident stays increased 3.9% to 2.40 million.
The United States (+10.3%) and Germany (+5.1%) stood out among the main markets; France (-9.6%) and Brazil (-8.8%) declined.
Change in overnight stays by source market
% · January 2025, year-on-year change
United Kingdom
-3.3%
Germany
+5.1%
Spain
+0.8%
United States
+10.3%
France
-9.6%
REGIONS
Broad growth, but at uneven rates
Change in overnight stays by region
% · January 2025, year-on-year change
Setúbal Peninsula
+14.4%
Alentejo
+11.4%
Azores
+10.2%
Madeira
+9.3%
North
+7.6%
Centre
+6.1%
Greater Lisbon
+5.5%
West and Tagus Valley
+3.9%
Algarve
+1.1%
Setúbal Peninsula (+14.4%) and Alentejo (+11.4%) led overnight-stay growth. Algarve recorded the most moderate increase (+1.1%).
OPERATING PERFORMANCE
Revenue gains strengthened the start of the year
Total tourist accommodation; occupancy and RevPAR according to source scope.
TOTAL REVENUE
EUR 262.0 M
+13.9%YoY
ROOM REVENUE
EUR 188.9 M
+14.3%YoY
REVPAR
EUR 33.2
+10.0%YoY
Total and room revenue increased faster than demand. RevPAR advanced 10.0%, while net bed occupancy reached 28.9%, up 0.6 percentage points.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
A strong start to the year, but uneven across regions
Fact
Overnight stays +6.3%, total revenue +13.9% and RevPAR +10.0%.
Interpretation
The sector began the year able to convert demand growth into revenue at a faster pace.
Implication
For investors and owners, the reading favours assets with pricing power and balanced exposure to domestic and international demand, while keeping regional differences in focus.
OUTLOOK
Three signals to watch in February
- Persistence of domestic demand momentum.
- Performance of the French and Brazilian markets after January declines.
- Ability to sustain RevPAR growth outside peak season.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, January 2025, released 28 February 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, February 2025, released 31 March 2025. Year-on-year changes revised for January.
- Turismo de Portugal / TravelBI, Turismo em Números - January 2025, released 3 March 2025.
- Release date
- Data status
Revised data
- Notes
Historical edition. All changes are year-on-year unless stated otherwise. Bed occupancy is reported on a net basis and its change in percentage points.