GUESTS
1.8 M
+0.5%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | February 2025
Portugal, February 2025: overnight stays -2.5% and total revenue +3.7% 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 February 2025.
EXECUTIVE SUMMARY
Fewer overnight stays, higher revenue, with the calendar weighing
February 2025 gained revenue and lost volume: 1.8 million guests (+0.5%) and 4.2 million overnight stays (-2.5%). Statistics Portugal flags two calendar effects: the Carnival holiday period moved to March, and the month had one day fewer than in 2024, a leap year.
Total revenue reached EUR 287.7 million and room revenue EUR 208.8 million, up 3.7% and 3.3% year on year. RevPAR rose to EUR 39.6 (+4.5%) and ADR to EUR 87.9 (+4.9%), while net bed occupancy slipped to 35.4%, down 0.5 pp.
For owners, February shows that price offset the loss of volume, though not in every region. Reading the month means separating the calendar effect from the underlying market trend.
KEY INDICATORS
Value grew, volume did not
OVERNIGHT STAYS
4.2 M
-2.5%YoY
TOTAL REVENUE
EUR 287.7 M
+3.7%YoY
revised change
ROOM REVENUE
EUR 208.8 M
+3.3%YoY
revised change
REVPAR
EUR 39.6
+4.5%YoY
NET BED OCCUPANCY
35.4%
-0.5 ppYoY
revised change
Reading: total revenue rose 3.7% and RevPAR 4.5%, while volume contracted. Net bed occupancy lost 0.5 pp, confirming a month carried by price rather than by fuller use of capacity.
DEMAND
Both markets lost overnight stays
RESIDENT OVERNIGHT STAYS
1.4 M
-1.2%YoY
revised change
NON-RESIDENT STAYS
2.8 M
-3.1%YoY
revised change
Resident overnight stays came in at 1.4 million, down 1.2% from a year earlier, and non-resident stays at 2.8 million, down 3.1%. Both reversed their January direction, when they had grown 11.0% and 3.9%.
Among the ten largest source markets, 72.1% of non-resident stays, Poland was the only one with a positive reading (+23.2%). Brazil stood out among the decreases (-18.9%), ahead of Spain (-8.4%), the United Kingdom (-7.5%) and Germany (-5.1%).
Change in overnight stays by source market
% · February 2025, year-on-year change
Poland
+23.2%
Germany
-5.1%
United Kingdom
-7.5%
Spain
-8.4%
Brazil
-18.9%
REGIONS
Only four regions avoided the drop
Change in overnight stays by region
% · February 2025, year-on-year change
Setúbal Peninsula
+7.8%
Azores
+5.1%
Madeira
+1.4%
North
+0.9%
Centre
-2.6%
Alentejo
-3.5%
Algarve
-5.1%
Greater Lisbon
-5.6%
West and Tagus Valley
-7.1%
Setúbal Peninsula led (+7.8%), with the Azores (+5.1%), Madeira (+1.4%) and the North (+0.9%) also in positive territory. At the other end were the West and Tagus Valley (-7.1%), Greater Lisbon (-5.6%) and the Algarve (-5.1%). Greater Lisbon's decrease matters more than the percentage suggests: at 1,169.6 thousand overnight stays it is the country's largest region in the month.
OPERATING PERFORMANCE
Higher ADR, emptier beds
Portugal, tourist accommodation establishments.
ADR
EUR 87.9
+4.9%YoY
REVPAR
EUR 39.6
+4.5%YoY
NET BED OCCUPANCY
35.4%
-0.5 ppYoY
revised change
NET ROOM OCCUPANCY
45.1%
+0.1 ppYoY
revised change
TOTAL REVENUE
EUR 287.7 M
+3.7%YoY
revised change
ROOM REVENUE
EUR 208.8 M
+3.3%YoY
revised change
ADR reached EUR 87.9 (+4.9%) and RevPAR EUR 39.6 (+4.5%), but net bed occupancy eased to 35.4% (-0.5 pp), with net room occupancy at 45.1% (+0.1 pp). Total revenue came to EUR 287.7 million (+3.7%) and room revenue to EUR 208.8 million (+3.3%). The revenue gain came from price, not from fuller use of capacity.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Price offsetting volume in a short month
Fact
Overnight stays -2.5%, total revenue +3.7%, RevPAR +4.5%, ADR +4.9% and net bed occupancy 35.4%, down 0.5 pp.
Interpretation
With ADR up 4.9% and occupancy giving way, the month's revenue came from price. Pricing power held through a weaker month, but the base of capacity in use narrowed.
Implication
For owners and investors, the task is to separate the calendar effect from the market effect before revising budgets. ADR 4.9% higher in a month that was a day shorter and had no Carnival says more about price discipline than about extra demand.
OUTLOOK
Three signals to watch in March
- The Carnival effect in March and the two months read together.
- The Brazilian market's recovery, or not, after an 18.9% decrease.
- Whether ADR holds its pace with net bed occupancy in negative territory.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, February 2025, released 31 March 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, March 2025, released 30 April 2025. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 31 March 2025; year-on-year changes revised in the release of 30 April 2025.