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Market Brief · MONTHLY BRIEF

Tourism & Hospitality Brief

Portugal | August 2025

Portugal, August 2025: overnight stays +1.3% and total revenue +6.7% 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 August 2025.

EXECUTIVE SUMMARY

August grew as resident demand offset non-residents

August brought 10.7 million overnight stays (+1.3%) and 3.8 million guests (+1.2%), continuity that Statistics Portugal credited to residents.

Revenue rose faster than volume: EUR 1,011.3 million in total revenue (+6.7%) and EUR 809.6 million in room revenue (+5.8%), with ADR at EUR 159.2 (+4.3%) and RevPAR at EUR 116.8 (+2.6%), while net bed occupancy slipped to 66.8%, down 0.7 pp.

August therefore delivered more revenue from less use of the capacity: owners who fill the month with non-resident guests had to replace volume with price.

Executive takeaway

Total overnight stays rose only because residents added 4.5%; non-residents ended 0.4% below August 2024.

KEY INDICATORS

Revenue up, occupancy down

GUESTS

3.8 M

+1.2%YoY

revised change

OVERNIGHT STAYS

10.7 M

+1.3%YoY

revised change

TOTAL REVENUE

EUR 1,011.3 M

+6.7%YoY

revised change

ROOM REVENUE

EUR 809.6 M

+5.8%YoY

revised change

REVPAR

EUR 116.8

+2.6%YoY

NET BED OCCUPANCY

66.8%

-0.7 ppYoY

revised change

Reading: total revenue grew 6.7% while overnight stays advanced just 1.3%. The gap came from ADR (+4.3%), not from net bed occupancy, which lost 0.7 pp.

DEMAND

All of the growth came from residents

RESIDENT OVERNIGHT STAYS

3.8 M

+4.5%YoY

revised change

NON-RESIDENT STAYS

6.9 M

-0.4%YoY

revised change

Resident overnight stays rose 4.5% to 3.8 million, while non-resident stays came in at 6.9 million, 0.4% below the previous year. The ten largest source markets supplied 78.9% of non-resident stays and the largest gains were North American, with the United States up 9.8% and Canada up 8.5%. Among the European markets with published figures only Germany added volume (+1.7%): Spain (-9.1%), Italy (-6.9%), the Netherlands (-5.7%), France (-4.6%), Ireland (-4.6%) and the United Kingdom (-1.2%) all came in lower.

Change in overnight stays by source market

% · August 2025, year-on-year change

Source: Statistics Portugal, Tourism Activity - Flash Estimates, August 2025.

REGIONS

Small gains almost everywhere, one region lower

Change in overnight stays by region

% · August 2025, year-on-year change

Source: Statistics Portugal, Tourism Activity - Flash Estimates, August 2025.

Eight of the nine regions registered more overnight stays, none by more than 3.7%: Madeira +3.7%, Setúbal Peninsula +3.3% and Alentejo +2.9% at the top, with the Algarve and West and Tagus Valley almost flat, both at +0.5%. The Centre was the only region below the previous year, at -3.0%.

OPERATING PERFORMANCE

Price, not occupancy, produced the revenue

Portugal, tourist accommodation establishments.

ADR

EUR 159.2

+4.3%YoY

REVPAR

EUR 116.8

+2.6%YoY

NET BED OCCUPANCY

66.8%

-0.7 ppYoY

revised change

NET ROOM OCCUPANCY

73.4%

-0.7 ppYoY

revised change

TOTAL REVENUE

EUR 1,011.3 M

+6.7%YoY

revised change

ROOM REVENUE

EUR 809.6 M

+5.8%YoY

revised change

August ADR was EUR 159.2, 4.3% higher than a year earlier, and RevPAR reached EUR 116.8 (+2.6%). Net bed occupancy stood at 66.8%, down 0.7 pp, and net room occupancy at 73.4%, down 0.7 pp. With total revenue of EUR 1,011.3 million (+6.7%) and room revenue of EUR 809.6 million (+5.8%), the revenue gain is explained by price: capacity was used less intensively than in August 2024.

REAL ESTATE LENS

Tourism & Hospitality Real Estate Lens

More value per room, on a narrower base

Fact

Total revenue +6.7% and ADR +4.3%, against overnight stays +1.3% and net bed occupancy -0.7 pp.

Interpretation

Yield per room improved because price improved, not because more guests came in. RevPAR advanced 2.6% against ADR at 4.3%: occupancy held back the conversion of price into revenue per available room.

Implication

The August question is how durable the price is. It is worth testing how much of the ADR holds without non-residents, who came in at -0.4%, and how much of the revenue rests on residents, who accounted for the whole increase in overnight stays.

OUTLOOK

Three signals to watch in September

  1. Whether non-residents return to growth after August at -0.4%.
  2. The Centre, the only region below last year, at -3.0%.
  3. Spain (-9.1%) and Italy (-6.9%), the two largest drops of the month.

SOURCES

Primary source

Statistics Portugal, Tourism Activity - Flash Estimates, August 2025, released 30 September 2025.

Complementary sources
  • Statistics Portugal, Tourism Activity - Flash Estimates, September 2025, released 31 October 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 September 2025; year-on-year changes revised in the release of 31 October 2025.