GUESTS
3.2 M
+2.8%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | May 2025
Portugal, May 2025: overnight stays +1.3% and total revenue +8.7% 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 May 2025.
EXECUTIVE SUMMARY
May grew on domestic demand alone
Only residents added overnight stays in May: 2.0 million (+5.6%), against 5.8 million non-resident stays (-0.1%) after +7.7% in April. The totals were 7.8 million overnight stays (+1.3%) and 3.2 million guests (+2.8%).
Total revenue reached EUR 717.0 million (+8.7%) and room revenue EUR 550.6 million (+8.8%), with RevPAR at EUR 83.4 (+6.7%) and ADR at EUR 128.9 (+5.8%), while net bed occupancy came in at 52.3%, 0.4 pp lower.
For anyone operating or financing an asset, May 2025 is a month to read through the room sold: revenue rose with net room occupancy up 0.8 pp and net bed occupancy down 0.4 pp, and the international base stopped keeping up with the domestic one.
Executive takeaway
Overnight stays rose 1.3%, but the entire gain came from residents (+5.6%), with non-residents at -0.1% and net bed occupancy 0.4 pp lower.
KEY INDICATORS
Revenue far ahead of volume
OVERNIGHT STAYS
7.8 M
+1.3%YoY
TOTAL REVENUE
EUR 717.0 M
+8.7%YoY
ROOM REVENUE
EUR 550.6 M
+8.8%YoY
revised change
REVPAR
EUR 83.4
+6.7%YoY
NET BED OCCUPANCY
52.3%
-0.4 ppYoY
revised change
Reading: total revenue advanced 8.7% against 1.3% for overnight stays, with RevPAR (+6.7%) ahead of ADR (+5.8%). Net room occupancy added 0.8 pp and net bed occupancy lost 0.4 pp: the additional revenue came from price and from the room sold.
DEMAND
Only the domestic market added overnight stays
RESIDENT OVERNIGHT STAYS
2.0 M
+5.6%YoY
revised change
NON-RESIDENT STAYS
5.8 M
-0.1%YoY
revised change
Resident overnight stays reached 2.0 million (+5.6%) and non-resident stays stood at 5.8 million (-0.1%). The ten largest source markets supplied 75.8% of non-resident stays: the United States stood out at +6.0%, ahead of Italy (+5.6%) and Canada (+4.2%). Brazil posted the sharpest drop (-11.6%) and Germany lost 7.7%.
Change in overnight stays by source market
% · May 2025, year-on-year change
United States
+6.0%
Italy
+5.6%
Canada
+4.2%
United Kingdom
+1.2%
Germany
-7.7%
Brazil
-11.6%
REGIONS
The North ahead, Algarve and Greater Lisbon in the red
Change in overnight stays by region
% · May 2025, year-on-year change
North
+6.6%
Centre
+5.6%
Azores
+4.7%
Setúbal Peninsula
+3.9%
Alentejo
+3.8%
Madeira
+3.3%
West and Tagus Valley
+1.3%
Greater Lisbon
-0.7%
Algarve
-3.1%
The North led at +6.6%, followed by the Centre (+5.6%) and the Azores (+4.7%). At the other end, the Algarve (-3.1%) and Greater Lisbon (-0.7%) were the only two regions below zero, and they are also the two largest by overnight stays. In Madeira, the 3.3% gain rested on residents (+31.9%), with non-residents at -1.0%.
OPERATING PERFORMANCE
Rooms filled better, beds did not
Portugal, tourist accommodation establishments.
ADR
EUR 128.9
+5.8%YoY
REVPAR
EUR 83.4
+6.7%YoY
NET BED OCCUPANCY
52.3%
-0.4 ppYoY
revised change
NET ROOM OCCUPANCY
64.7%
+0.8 ppYoY
revised change
TOTAL REVENUE
EUR 717.0 M
+8.7%YoY
ROOM REVENUE
EUR 550.6 M
+8.8%YoY
revised change
ADR came in at EUR 128.9 (+5.8%) and RevPAR at EUR 83.4 (+6.7%). Net bed occupancy shed 0.4 pp to 52.3%, while net room occupancy added 0.8 pp to 64.7%. Total revenue of EUR 717.0 million (+8.7%) and room revenue of EUR 550.6 million (+8.8%) therefore rest on price and on room occupancy: RevPAR rose 6.7%, ahead of ADR at 5.8%.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
More revenue on a narrower demand base
Fact
Overnight stays +1.3%, with residents +5.6% and non-residents -0.1%; total revenue +8.7%, RevPAR +6.7%, ADR +5.8% and net bed occupancy -0.4 pp.
Interpretation
RevPAR rose faster than ADR, with net room occupancy adding 0.8 pp and net bed occupancy shedding 0.4 pp. Asset performance in May rested on price and on the room sold rather than the bed, and at the same time the international market stopped offsetting the domestic one.
Implication
Separate the price effect from the volume effect before extrapolating revenue growth. In assets exposed to the Algarve, at -3.1%, or to the Brazilian market at -11.6%, the base narrowed, and a higher price may not repeat if occupancy keeps giving way.
OUTLOOK
Three signals to watch in June
- The return of non-residents to growth, after May's -0.1%.
- Whether the Algarve reverses its -3.1% as the peak season starts.
- Net bed occupancy and the gap between RevPAR (+6.7%) and ADR (+5.8%) in June.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, May 2025, released 30 June 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, June 2025, released 31 July 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 June 2025; year-on-year changes revised in the release of 31 July 2025.