GUESTS
2.3 M
+0.1%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | March 2025
Portugal, March 2025: overnight stays -2.9% and total revenue +0.1% 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 March 2025.
EXECUTIVE SUMMARY
The calendar held March back in volume and in revenue
Overnight stays fell 2.9% in March 2025, to 5.6 million, with 2.3 million guests (+0.1%). Statistics Portugal flags the influence of the moving calendar: Carnival shifted from February to March and Easter from March to April.
Total revenue stood at EUR 406.9 million (+0.1%) and room revenue at EUR 302.1 million (-0.6%). RevPAR eased to EUR 48.7 (-2.1%), ADR to EUR 96.5 (-0.1%) and net bed occupancy to 39.8%, down 1.7 pp.
For anyone reading assets, March has a distorted comparison base. The question is not the decrease itself, but how much of it returns in April with Easter.
KEY INDICATORS
Price did not offset the loss of volume
OVERNIGHT STAYS
5.6 M
-2.9%YoY
revised change
TOTAL REVENUE
EUR 406.9 M
+0.1%YoY
revised change
ROOM REVENUE
EUR 302.1 M
-0.6%YoY
revised change
REVPAR
EUR 48.7
-2.1%YoY
NET BED OCCUPANCY
39.8%
-1.7 ppYoY
revised change
Reading: unlike February, the loss of volume was not offset by price. Total revenue came in at +0.1%, RevPAR at -2.1% and net bed occupancy lost 1.7 pp, with only residents (+2.1%) supporting demand.
DEMAND
Residents held up, non-residents did not
RESIDENT OVERNIGHT STAYS
1.7 M
+2.1%YoY
revised change
NON-RESIDENT STAYS
3.9 M
-4.9%YoY
revised change
Resident overnight stays rose to 1.7 million (+2.1%) and non-resident stays eased to 3.9 million (-4.9%). That split reverses February, when both markets lost ground.
The ten largest source markets accounted for 73.8% of non-resident stays. Poland led the increases (+35.9%), followed by Canada (+11.4%) and the United States (+0.5%). Among the decreases, Spain stood out at -37.0%, ahead of Germany (-7.5%) and the United Kingdom (-4.6%).
Change in overnight stays by source market
% · March 2025, year-on-year change
Poland
+35.9%
Canada
+11.4%
United States
+0.5%
United Kingdom
-4.6%
Germany
-7.5%
Spain
-37.0%
REGIONS
Azores and Setúbal against a falling Algarve
Change in overnight stays by region
% · March 2025, year-on-year change
Azores
+6.0%
Setúbal Peninsula
+3.6%
Madeira
+1.8%
North
-0.7%
Centre
-3.3%
Greater Lisbon
-3.3%
Alentejo
-4.1%
West and Tagus Valley
-5.2%
Algarve
-8.7%
The largest gains went to the Azores (+6.0%) and Setúbal Peninsula (+3.6%), with Madeira (+1.8%) also positive. The Algarve recorded the biggest decrease (-8.7%), followed by the West and Tagus Valley (-5.2%), Alentejo (-4.1%) and both the Centre and Greater Lisbon at -3.3%.
OPERATING PERFORMANCE
Occupancy and RevPAR gave way at the same time
Portugal, tourist accommodation establishments.
ADR
EUR 96.5
-0.1%YoY
REVPAR
EUR 48.7
-2.1%YoY
NET BED OCCUPANCY
39.8%
-1.7 ppYoY
revised change
NET ROOM OCCUPANCY
50.5%
-0.6 ppYoY
revised change
TOTAL REVENUE
EUR 406.9 M
+0.1%YoY
revised change
ROOM REVENUE
EUR 302.1 M
-0.6%YoY
revised change
Net bed occupancy settled at 39.8% (-1.7 pp) and net room occupancy at 50.5% (-0.6 pp). With ADR almost flat at EUR 96.5 (-0.1%), RevPAR gave up 2.1% and room revenue 0.6%. With no price gain, the loss of occupancy passed straight through to revenue.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
A month with no price effect
Fact
Overnight stays -2.9%, total revenue +0.1%, room revenue -0.6%, RevPAR -2.1% and net bed occupancy 39.8%, down 1.7 pp.
Interpretation
When ADR sits at -0.1% and occupancy loses 1.7 pp, there is no price effect holding the asset up. The 2.1% advance in residents funded the month, but revenue per available room kept sliding.
Implication
The month calls for a quarterly reading rather than a monthly one. With Carnival and Easter changing months, only February, March and April together show the underlying demand trend and each asset's ability to price.
OUTLOOK
Three signals to watch in April
- How much of the Easter effect shows up in April overnight stays.
- Whether the Spanish market recovers after its 37.0% decrease.
- The Algarve's recovery after -8.7% and its weight in the national total.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, March 2025, released 30 April 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, April 2025, released 30 May 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 April 2025; year-on-year changes revised in the release of 30 May 2025.