GUESTS
3.1 M
+2.4%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | June 2025
Portugal, June 2025: overnight stays +3.1% and total revenue +7.6% 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 June 2025.
EXECUTIVE SUMMARY
Non-residents added to growth again in June
Non-resident overnight stays returned to growth, and that was the month's reversal. They reached 5.7 million (+1.9%, after -0.1% in May), alongside 2.4 million resident stays (+5.9%), for a total of 8.1 million overnight stays (+3.1%) and 3.1 million guests (+2.4%).
June generated EUR 751.8 million in total revenue (+7.6%) and EUR 583.4 million in room revenue (+7.9%), with RevPAR at EUR 89.5 (+5.4%), ADR at EUR 137.4 (+4.9%) and net bed occupancy at 54.8%, 0.4 pp higher.
This is a month in which value moved up with occupancy alongside it, which makes it less dependent on price than the previous one and easier to replicate at asset level.
Executive takeaway
The return of non-residents (+1.9%) joined residents (+5.9%), every region moved up and net bed occupancy kept pace with revenue.
KEY INDICATORS
Occupancy kept pace with price
OVERNIGHT STAYS
8.1 M
+3.1%YoY
TOTAL REVENUE
EUR 751.8 M
+7.6%YoY
ROOM REVENUE
EUR 583.4 M
+7.9%YoY
REVPAR
EUR 89.5
+5.4%YoY
NET BED OCCUPANCY
54.8%
+0.4 ppYoY
Reading: total revenue (+7.6%) stayed ahead of overnight stays (+3.1%), but this time with net bed occupancy adding 0.4 pp; the gap between residents (+5.9%) and non-residents (+1.9%) narrowed without closing.
DEMAND
Residents still ahead, non-residents back
RESIDENT OVERNIGHT STAYS
2.4 M
+5.9%YoY
revised change
NON-RESIDENT STAYS
5.7 M
+1.9%YoY
revised change
Resident overnight stays came to 2.4 million (+5.9%) and non-resident stays to 5.7 million (+1.9%), reversing the previous month's sign. The ten leading markets generated 76.5% of non-resident stays. Germany stood out at +9.0%, followed by Canada (+7.7%) and the United States (+5.5%); France (-8.2%) and Brazil (-7.5%) had the largest decreases and the United Kingdom came in at -1.0%.
Change in overnight stays by source market
% · June 2025, year-on-year change
Germany
+9.0%
Canada
+7.7%
United States
+5.5%
United Kingdom
-1.0%
Brazil
-7.5%
France
-8.2%
REGIONS
Every region moved up, with Alentejo in front
Change in overnight stays by region
% · June 2025, year-on-year change
Alentejo
+9.6%
North
+6.6%
Setúbal Peninsula
+5.4%
Madeira
+4.8%
West and Tagus Valley
+2.5%
Algarve
+2.3%
Centre
+1.9%
Azores
+0.7%
Greater Lisbon
+0.1%
Every region posted an increase, the largest in Alentejo (+9.6%) and the North (+6.6%). The Algarve accounted for 29.4% of all overnight stays and Greater Lisbon for 21.9%. In Madeira, the 4.8% increase came from residents (+37.7%), with non-residents at -1.3%.
OPERATING PERFORMANCE
Occupancy and price improved together
Portugal, tourist accommodation establishments.
ADR
EUR 137.4
+4.9%YoY
REVPAR
EUR 89.5
+5.4%YoY
NET BED OCCUPANCY
54.8%
+0.4 ppYoY
NET ROOM OCCUPANCY
65.1%
+0.4 ppYoY
revised change
TOTAL REVENUE
EUR 751.8 M
+7.6%YoY
ROOM REVENUE
EUR 583.4 M
+7.9%YoY
ADR reached EUR 137.4 (+4.9%) and RevPAR EUR 89.5 (+5.4%), growing faster than price because occupancy helped as well. Net bed occupancy stood at 54.8% (+0.4 pp) and net room occupancy at 65.1% (+0.4 pp). With total revenue of EUR 751.8 million (+7.6%) and room revenue of EUR 583.4 million (+7.9%), June was a month in which price and volume both contributed.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Growth on a broader base
Fact
Overnight stays +3.1%, residents +5.9%, non-residents +1.9%, total revenue +7.6%, RevPAR +5.4%, ADR +4.9% and net bed occupancy +0.4 pp.
Interpretation
RevPAR moved up faster than ADR, so the gain was not price alone: bed and room occupancy both improved. An asset in line with the month sold more nights and at a better price, rather than one at the expense of the other.
Implication
This is the kind of month that supports valuations, but check at asset level where the extra occupancy came from, whether markets such as Germany (+9.0%) and Canada (+7.7%), and watch exposure to Greater Lisbon, flat at +0.1% while the national total advanced 3.1%.
OUTLOOK
Three signals to watch in July
- Whether non-residents build on June's +1.9% once the peak season starts.
- France (-8.2%) and Brazil (-7.5%), the two largest decreases in June.
- Greater Lisbon flat at +0.1% and its distance from the rest of the country.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, June 2025, released 31 July 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, July 2025, released 29 August 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 July 2025; year-on-year changes revised in the release of 29 August 2025.