GUESTS
3.4 M
+4.5%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | July 2025
Portugal, July 2025: overnight stays +3.9% and total revenue +10.0% 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 July 2025.
EXECUTIVE SUMMARY
July accelerated growth and diluted occupancy
Overnight-stay growth accelerated in July: 9.4 million, 3.9% more than a year earlier, and 3.4 million guests (+4.5%). Both sides of demand contributed, with 2.9 million resident stays (+6.9%, against +5.9% in June) and 6.5 million non-resident stays (+2.7%).
Total revenue reached EUR 891.1 million (+10.0%) and room revenue EUR 701.6 million (+9.2%), with RevPAR at EUR 101.1 (+5.1%), ADR at EUR 151.8 (+5.6%) and net bed occupancy at 58.1%, 1.3 pp lower.
This was more revenue without a matching gain in yield per room, and that difference is what separates the market from the individual asset.
Executive takeaway
Overnight stays accelerated to +3.9% and total revenue to +10.0%, but net bed occupancy lost 1.3 pp and RevPAR grew more slowly than ADR.
KEY INDICATORS
Revenue accelerating, occupancy diluting
OVERNIGHT STAYS
9.4 M
+3.9%YoY
revised change
TOTAL REVENUE
EUR 891.1 M
+10.0%YoY
revised change
ROOM REVENUE
EUR 701.6 M
+9.2%YoY
REVPAR
EUR 101.1
+5.1%YoY
NET BED OCCUPANCY
58.1%
-1.3 ppYoY
Reading: total revenue (+10.0%) ran well ahead of overnight stays (+3.9%), yet RevPAR (+5.1%) grew more slowly than ADR (+5.6%) and net bed occupancy lost 1.3 pp; the divergence is no longer between volume and value but between aggregate revenue and revenue per room.
DEMAND
Both sides of demand rose, residents faster
RESIDENT OVERNIGHT STAYS
2.9 M
+6.9%YoY
revised change
NON-RESIDENT STAYS
6.5 M
+2.7%YoY
revised change
Resident overnight stays climbed to 2.9 million (+6.9%) and non-resident stays to 6.5 million (+2.7%). The ten leading source markets accounted for 73.8% of non-resident stays, with the United Kingdom keeping the lead at 18.2% of the non-resident total and +1.8%. Poland stood out at +14.0% and the United States at +12.3%; Spain came in at -10.0%, and France, Brazil and the Netherlands all at -3.0%.
Change in overnight stays by source market
% · July 2025, year-on-year change
Poland
+14.0%
United States
+12.3%
Germany
+2.6%
United Kingdom
+1.8%
France
-3.0%
Brazil
-3.0%
Netherlands
-3.0%
Spain
-10.0%
REGIONS
Gains in every region, with the largest ones lagging
Change in overnight stays by region
% · July 2025, year-on-year change
Alentejo
+9.8%
Madeira
+7.2%
Setúbal Peninsula
+5.6%
Centre
+4.8%
West and Tagus Valley
+4.4%
North
+4.2%
Azores
+2.6%
Greater Lisbon
+1.9%
Algarve
+1.9%
Overnight stays increased in every region, the strongest gains in Alentejo (+9.8%) and Madeira (+7.2%), followed by the Setúbal Peninsula (+5.6%). At the other end were the two largest regions, the Algarve and Greater Lisbon, both at +1.9%. In Madeira the advance rested on residents (+48.5%), with non-residents at 0.0%.
OPERATING PERFORMANCE
RevPAR lagged behind ADR
Portugal, tourist accommodation establishments.
ADR
EUR 151.8
+5.6%YoY
REVPAR
EUR 101.1
+5.1%YoY
NET BED OCCUPANCY
58.1%
-1.3 ppYoY
NET ROOM OCCUPANCY
66.6%
-0.3 ppYoY
TOTAL REVENUE
EUR 891.1 M
+10.0%YoY
revised change
ROOM REVENUE
EUR 701.6 M
+9.2%YoY
ADR rose to EUR 151.8 (+5.6%), but RevPAR stopped at EUR 101.1 (+5.1%). Net bed occupancy eased 1.3 pp to 58.1% and net room occupancy 0.3 pp to 66.6%. Total revenue of EUR 891.1 million (+10.0%) and room revenue of EUR 701.6 million (+9.2%) grew faster than revenue per available room.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
More revenue, less revenue per unit
Fact
Overnight stays +3.9%, total revenue +10.0%, room revenue +9.2%, ADR +5.6%, RevPAR +5.1% and net bed occupancy -1.3 pp.
Interpretation
When RevPAR rises less than ADR and net bed occupancy drops 1.3 pp, aggregate revenue growth does not reach the individual asset in the same proportion. In July 2025 the market expanded, without performance per establishment necessarily improving.
Implication
Before treating +10.0% revenue growth as an underwriting benchmark, measure the asset's own RevPAR and its exposure: Spain came in at -10.0%, the two largest regions at +1.9% and Alentejo at +9.8%.
OUTLOOK
Three signals to watch in August
- The path of net bed occupancy after losing 1.3 pp in July.
- Whether Poland (+14.0%) and the United States (+12.3%) keep the pace.
- Non-resident overnight stays in Madeira, at 0.0% in the month against +48.5% from residents.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, July 2025, released 29 August 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, August 2025, released 30 September 2025. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 29 August 2025; year-on-year changes revised in the release of 30 September 2025.