GUESTS
1.7 M
+3.7%YoY
revised change
Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | January 2026
Portugal, January 2026: overnight stays +2.0% and total revenue +5.4% 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 January 2026.
EXECUTIVE SUMMARY
January grew more slowly, with occupancy lower
Statistics Portugal described the month as continued growth, but slower. Tourist accommodation recorded 1.7 million guests (+3.7%) and 3.7 million overnight stays (+2.0%), with EUR 276.8 million of total revenue and EUR 199.5 million of room revenue, both +5.4%.
RevPAR came in at EUR 33.8 (+1.6%) and ADR at EUR 92.1 (+2.7%), while net bed occupancy eased to 28.6%, 0.3 pp lower.
One caveat: the institute flagged that January's preliminary results may be revised by more than usual, given the effect of the intense and anomalous weather of January and February on survey response rates.
Executive takeaway
Growth continued, slower and resting on price: ADR gained 2.7%, RevPAR 1.6% and net bed occupancy was 0.3 pp lower.
KEY INDICATORS
Revenue at 5.4%, overnight stays at 2.0%
OVERNIGHT STAYS
3.7 M
+2.0%YoY
TOTAL REVENUE
EUR 276.8 M
+5.4%YoY
revised change
ROOM REVENUE
EUR 199.5 M
+5.4%YoY
revised change
REVPAR
EUR 33.8
+1.6%YoY
revised change
NET BED OCCUPANCY
28.6%
-0.3 ppYoY
revised change
Reading: revenue increased 5.4% while overnight stays grew 2.0%, and RevPAR rose 1.6% even with net bed occupancy at 28.6%, 0.3 pp lower. Price explains the gap between value and volume.
DEMAND
Domestic demand slowed, foreign demand nearly stalled
RESIDENT OVERNIGHT STAYS
1.3 M
+4.2%YoY
revised change
NON-RESIDENT STAYS
2.4 M
+0.8%YoY
revised change
Resident overnight stays reached 1.3 million, a revised increase of 4.2% (the first estimate was +4.7%, after +6.0% in December). Non-resident stays came to 2.4 million, up 0.8% (after +1.2% in December). Across the source markets, Canada grew 12.5% and Brazil 8.2%, while the United Kingdom was 3.6% lower and France 8.3% lower.
Change in overnight stays by source market
% · January 2026, year-on-year change
Canada
+12.5%
Brazil
+8.2%
Spain
+3.3%
Germany
+1.3%
United Kingdom
-3.6%
France
-8.3%
REGIONS
The North and Centre grew; the Algarve and the islands did not
Change in overnight stays by region
% · January 2026, year-on-year change
North
+8.2%
Centre
+5.6%
Greater Lisbon
+5.0%
West and Tagus Valley
+2.7%
Alentejo
+0.3%
Setúbal Peninsula
-2.7%
Madeira
-3.0%
Algarve
-4.7%
Azores
-5.8%
The North (+8.2%) and the Centre (+5.6%) led overnight-stay growth; Greater Lisbon added 5.0%. The Azores (-5.8%), the Algarve (-4.7%) and Madeira (-3.0%) recorded the sharpest decreases, and the Setúbal Peninsula came in at -2.7%. The split set the urban regions of the North and Centre against the sun-and-sea regions and the islands.
OPERATING PERFORMANCE
ADR carried RevPAR
Portugal, tourist accommodation establishments.
ADR
EUR 92.1
+2.7%YoY
revised change
REVPAR
EUR 33.8
+1.6%YoY
revised change
NET BED OCCUPANCY
28.6%
-0.3 ppYoY
revised change
NET ROOM OCCUPANCY
36.6%
-0.4 ppYoY
revised change
TOTAL REVENUE
EUR 276.8 M
+5.4%YoY
revised change
ROOM REVENUE
EUR 199.5 M
+5.4%YoY
revised change
ADR rose 2.7% to EUR 92.1 and RevPAR 1.6% to EUR 33.8. Net bed occupancy came in at 28.6%, 0.3 pp lower, and net room occupancy at 36.6%, 0.4 pp lower. With total and room revenue both up 5.4%, the extra income came from price; use of the beds kept easing.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Slower growth, and not yet confirmed
Fact
Overnight stays +2.0%, total revenue +5.4%, ADR +2.7%, RevPAR +1.6% and net bed occupancy 28.6%, down 0.3 pp.
Interpretation
RevPAR is up only because ADR is rising faster than occupancy is giving way. That is a narrow margin, and the month enters the record with a caveat: the institute itself warns that revisions may be larger than usual after the anomalous weather of January and February.
Implication
Anyone closing a valuation on January data should treat it as provisional and return to it at the next release. Exposure to the Algarve and the islands needs an explicit discount to the national average; in the northern and central cities, more overnight stays are not yet evidence of yield.
OUTLOOK
Three signals to watch in February
- How large the revision to January turns out to be.
- Whether the Algarve and the islands return to growth.
- How far ADR can keep offsetting a falling net bed occupancy.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, January 2026, released 27 February 2026.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, February 2026, released 31 March 2026. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 27 February 2026; year-on-year changes revised in the release of 31 March 2026.