GUESTS
3.8 M
+1.2%YoY
revised change
Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | August 2025
Portugal, August 2025: overnight stays +1.3% and total revenue +6.7% year on year.
Monthly · Historical edition · Published on · Revised data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
Historical edition, published on 4 September 2026 with data for August 2025.
EXECUTIVE SUMMARY
August grew as resident demand offset non-residents
August brought 10.7 million overnight stays (+1.3%) and 3.8 million guests (+1.2%), continuity that Statistics Portugal credited to residents.
Revenue rose faster than volume: EUR 1,011.3 million in total revenue (+6.7%) and EUR 809.6 million in room revenue (+5.8%), with ADR at EUR 159.2 (+4.3%) and RevPAR at EUR 116.8 (+2.6%), while net bed occupancy slipped to 66.8%, down 0.7 pp.
August therefore delivered more revenue from less use of the capacity: owners who fill the month with non-resident guests had to replace volume with price.
Executive takeaway
Total overnight stays rose only because residents added 4.5%; non-residents ended 0.4% below August 2024.
KEY INDICATORS
Revenue up, occupancy down
OVERNIGHT STAYS
10.7 M
+1.3%YoY
revised change
TOTAL REVENUE
EUR 1,011.3 M
+6.7%YoY
revised change
ROOM REVENUE
EUR 809.6 M
+5.8%YoY
revised change
REVPAR
EUR 116.8
+2.6%YoY
NET BED OCCUPANCY
66.8%
-0.7 ppYoY
revised change
Reading: total revenue grew 6.7% while overnight stays advanced just 1.3%. The gap came from ADR (+4.3%), not from net bed occupancy, which lost 0.7 pp.
DEMAND
All of the growth came from residents
RESIDENT OVERNIGHT STAYS
3.8 M
+4.5%YoY
revised change
NON-RESIDENT STAYS
6.9 M
-0.4%YoY
revised change
Resident overnight stays rose 4.5% to 3.8 million, while non-resident stays came in at 6.9 million, 0.4% below the previous year. The ten largest source markets supplied 78.9% of non-resident stays and the largest gains were North American, with the United States up 9.8% and Canada up 8.5%. Among the European markets with published figures only Germany added volume (+1.7%): Spain (-9.1%), Italy (-6.9%), the Netherlands (-5.7%), France (-4.6%), Ireland (-4.6%) and the United Kingdom (-1.2%) all came in lower.
Change in overnight stays by source market
% · August 2025, year-on-year change
United States
+9.8%
Canada
+8.5%
Germany
+1.7%
United Kingdom
-1.2%
France
-4.6%
Ireland
-4.6%
Netherlands
-5.7%
Italy
-6.9%
Spain
-9.1%
REGIONS
Small gains almost everywhere, one region lower
Change in overnight stays by region
% · August 2025, year-on-year change
Madeira
+3.7%
Setúbal Peninsula
+3.3%
Alentejo
+2.9%
Greater Lisbon
+1.8%
Azores
+1.5%
North
+1.1%
West and Tagus Valley
+0.5%
Algarve
+0.5%
Centre
-3.0%
Eight of the nine regions registered more overnight stays, none by more than 3.7%: Madeira +3.7%, Setúbal Peninsula +3.3% and Alentejo +2.9% at the top, with the Algarve and West and Tagus Valley almost flat, both at +0.5%. The Centre was the only region below the previous year, at -3.0%.
OPERATING PERFORMANCE
Price, not occupancy, produced the revenue
Portugal, tourist accommodation establishments.
ADR
EUR 159.2
+4.3%YoY
REVPAR
EUR 116.8
+2.6%YoY
NET BED OCCUPANCY
66.8%
-0.7 ppYoY
revised change
NET ROOM OCCUPANCY
73.4%
-0.7 ppYoY
revised change
TOTAL REVENUE
EUR 1,011.3 M
+6.7%YoY
revised change
ROOM REVENUE
EUR 809.6 M
+5.8%YoY
revised change
August ADR was EUR 159.2, 4.3% higher than a year earlier, and RevPAR reached EUR 116.8 (+2.6%). Net bed occupancy stood at 66.8%, down 0.7 pp, and net room occupancy at 73.4%, down 0.7 pp. With total revenue of EUR 1,011.3 million (+6.7%) and room revenue of EUR 809.6 million (+5.8%), the revenue gain is explained by price: capacity was used less intensively than in August 2024.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
More value per room, on a narrower base
Fact
Total revenue +6.7% and ADR +4.3%, against overnight stays +1.3% and net bed occupancy -0.7 pp.
Interpretation
Yield per room improved because price improved, not because more guests came in. RevPAR advanced 2.6% against ADR at 4.3%: occupancy held back the conversion of price into revenue per available room.
Implication
The August question is how durable the price is. It is worth testing how much of the ADR holds without non-residents, who came in at -0.4%, and how much of the revenue rests on residents, who accounted for the whole increase in overnight stays.
OUTLOOK
Three signals to watch in September
- Whether non-residents return to growth after August at -0.4%.
- The Centre, the only region below last year, at -3.0%.
- Spain (-9.1%) and Italy (-6.9%), the two largest drops of the month.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, August 2025, released 30 September 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, September 2025, released 31 October 2025. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 30 September 2025; year-on-year changes revised in the release of 31 October 2025.