GUESTS
2.2 M
+0.6%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | November 2025
Portugal, November 2025: overnight stays +0.7% and total revenue +1.6% 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 November 2025.
EXECUTIVE SUMMARY
November grew in volume and lost in yield
Statistics Portugal led its release with the second decrease of 2025 in revenue per available and per occupied room: RevPAR came in at EUR 47.1 (-2.2%) and ADR at EUR 97.8 (-0.1%). The first reduction had come in March, then shaped by the Easter calendar effect. November had no comparable effect.
Tourist accommodation recorded 2.2 million guests and 5.1 million overnight stays, up 0.6% and 0.7%, and generated EUR 393.5 million of total revenue (+1.6%) and EUR 289.3 million of room revenue (+1.1%).
Revenue moved ahead, RevPAR did not: for the owner of the asset, the month is worth less than the revenue line suggests.
KEY INDICATORS
Revenue above volume, RevPAR below last year
OVERNIGHT STAYS
5.1 M
+0.7%YoY
revised change
TOTAL REVENUE
EUR 393.5 M
+1.6%YoY
revised change
ROOM REVENUE
EUR 289.3 M
+1.1%YoY
revised change
REVPAR
EUR 47.1
-2.2%YoY
NET BED OCCUPANCY
36.9%
-0.9 ppYoY
revised change
Reading: total revenue rose 1.6% against 0.7% growth in overnight stays, yet RevPAR was down 2.2% and net bed occupancy slipped to 36.9%. The revenue gain came from neither price nor fuller beds, and so did not reach yield per room.
DEMAND
Residents and non-residents moved almost in step
RESIDENT OVERNIGHT STAYS
1.7 M
+0.8%YoY
revised change
NON-RESIDENT STAYS
3.4 M
+0.6%YoY
revised change
Resident overnight stays reached 1.7 million (+0.8%) and non-resident stays 3.4 million (+0.6%). Among the ten largest source markets, which accounted for 70.0% of non-resident stays, Canada posted the largest gain (+14.8%) and France the largest drop (-10.5%). Germany (+4.5%) and the United States (+3.7%) stayed positive, while the United Kingdom was 4.1% lower.
Change in overnight stays by source market
% · November 2025, year-on-year change
Canada
+14.8%
Germany
+4.5%
United States
+3.7%
United Kingdom
-4.1%
France
-10.5%
REGIONS
Alentejo and the Algarve ahead, Centre and Azores down
Change in overnight stays by region
% · November 2025, year-on-year change
Alentejo
+4.9%
Algarve
+3.5%
North
+2.5%
Madeira
+1.1%
Setúbal Peninsula
+0.4%
West and Tagus Valley
+0.3%
Greater Lisbon
+0.2%
Centre
-4.6%
Azores
-5.1%
The largest increases in overnight stays were in the Alentejo (+4.9%) and the Algarve (+3.5%). The Azores (-5.1%) and the Centre (-4.6%) went the other way. Greater Lisbon was almost flat (+0.2%), with residents up 2.7% and non-residents 0.4% lower.
OPERATING PERFORMANCE
Revenue rose while RevPAR went the other way
Portugal, tourist accommodation establishments.
ADR
EUR 97.8
-0.1%YoY
REVPAR
EUR 47.1
-2.2%YoY
NET BED OCCUPANCY
36.9%
-0.9 ppYoY
revised change
NET ROOM OCCUPANCY
48.2%
-0.7 ppYoY
revised change
TOTAL REVENUE
EUR 393.5 M
+1.6%YoY
revised change
ROOM REVENUE
EUR 289.3 M
+1.1%YoY
revised change
ADR stood at EUR 97.8 (-0.1%) and RevPAR at EUR 47.1 (-2.2%). Net bed occupancy was 36.9%, down 0.9 pp, and net room occupancy 48.2%, down 0.7 pp on a year earlier. With price flat and occupancy giving way, the 1.6% rise in total revenue and the 1.1% rise in room revenue did not reach yield per room: RevPAR was 2.2% lower.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Revenue up, the asset earning less
Fact
Total revenue +1.6%, RevPAR -2.2%, ADR -0.1% and net bed occupancy 36.9%, down 0.9 pp.
Interpretation
Separate what grows in the national aggregate from what grows per room. In November the value per available room was lower for the second time in 2025, and occupancy moved with it.
Implication
A valuation resting on national revenue growth overstates asset performance this month. Test ADR by segment and by region, measure exposure to shrinking markets such as France, and confirm that the lost occupancy comes back before assuming volume-linked rents.
OUTLOOK
Three signals to watch in December
- Whether RevPAR and ADR return to growth or add a third decrease.
- The French market after -10.5% in November.
- The 16.2% jump in non-resident overnight stays in the Alentejo, and whether it lasts.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, November 2025, released 31 December 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, December 2025, released 30 January 2026. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 31 December 2025; year-on-year changes revised in the release of 30 January 2026.