GUESTS
14.9 M
+3.6%YoY
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Market Brief · HALF-YEAR BRIEF
Tourism & Hospitality Brief
Portugal | H1 2025
Portugal, H1 2025: overnight stays +2.4% and total revenue +7.8% year on year.
Half-year · Historical edition · Published on · Revised data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
Historical edition, published on 4 September 2026 with data for H1 2025.
EXECUTIVE SUMMARY
Six months of value, with volume split by Easter
Tourist accommodation recorded 14.9 million guests (+3.6%) and 36.4 million overnight stays (+2.4%) between January and June, in a half-year marked by three calendar shifts flagged by Statistics Portugal: Carnival in March, a February one day shorter than in the previous leap year and Easter in April.
Total revenue reached EUR 2,995.5 million (+7.8%) and room revenue EUR 2,268.2 million (+8.0%), more than three times the pace of volume.
The first three months took volume out, February at -2.5% and March at -2.9%, and the next three gave it back, April at +8.9% and June at +3.1%. The half-year is the sum of those two halves, not their average, and for owners it is the year's first comparable base.
Executive takeaway
The half-year cancels the Easter shift: Easter in April took overnight stays out of the first quarter and gave them back in the second, leaving +2.4% of volume and +7.8% of total revenue for the six months.
KEY INDICATORS
Value grew considerably faster than volume
OVERNIGHT STAYS
36.4 M
+2.4%YoY
TOTAL REVENUE
EUR 2,995.5 M
+7.8%YoY
ROOM REVENUE
EUR 2,268.2 M
+8.0%YoY
Reading: 36.4 million overnight stays (+2.4%) against EUR 2,995.5 million of total revenue (+7.8%). The distance between those two numbers is the half-year: almost all of the additional revenue came from price and mix rather than from extra nights sold.
DEMAND
Residents produced the half-year's growth
RESIDENT OVERNIGHT STAYS
10.7 M
+6.0%YoY
NON-RESIDENT STAYS
25.8 M
+1.0%YoY
Resident overnight stays totalled 10.7 million (+6.0%) and non-resident stays 25.8 million (+1.0%): over six months external markets ended roughly where they started. The monthly path explains why: January +6.3%, February -2.5%, March -2.9%, April +8.9%, May +1.3% and June +3.1%. Among the ten largest source markets, Poland was ahead in January (+16.6%), February (+23.2%) and March (+35.9%), Spain swung from -37.0% in March to +43.0% in April with Easter, and France was among the steepest drops in January (-9.6%) and June (-8.2%).
Change in overnight stays, month by month
% · H1 2025, year-on-year change
January
+6.3%
February
-2.5%
March
-2.9%
April
+8.9%
May
+1.3%
June
+3.1%
REGIONS
Greater Lisbon and the Algarve fell behind
Change in overnight stays by region
% · H1 2025, year-on-year change derived from INE's monthly figures
Setúbal Peninsula
+6.9%
North
+6.0%
Azores
+6.0%
Alentejo
+5.4%
Centre
+4.5%
Madeira
+4.5%
Algarve
+0.4%
West and Tagus Valley
-0.2%
Greater Lisbon
-0.2%
Setúbal Peninsula (+6.9%), the North (+6.0%) and the Azores (+6.0%) led the half-year; Greater Lisbon and the West and Tagus Valley closed it in negative territory (-0.2% each), with the Algarve almost flat (+0.4%). The country's two largest destinations therefore sat below the national average, while the Alentejo (+5.4%), the Centre (+4.5%) and Madeira (+4.5%) sat above it.
OPERATING PERFORMANCE
Half-year revenue was made on price
Portugal, tourist accommodation establishments.
TOTAL REVENUE
EUR 2,995.5 M
+7.8%YoY
ROOM REVENUE
EUR 2,268.2 M
+8.0%YoY
Total revenue reached EUR 2,995.5 million (+7.8%) and room revenue EUR 2,268.2 million (+8.0%), against +2.4% in overnight stays: most of the additional revenue did not come from additional nights. Statistics Portugal publishes no half-year RevPAR, ADR or occupancy, so the split between rate and occupancy has to be made quarter by quarter. The monthly revenue path, from +13.9% in January to +0.1% in March and +12.6% in April, shows the same calendar swing that hit volume.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Half a year that separated volume from value
Fact
Guests +3.6%, overnight stays +2.4%, total revenue +7.8% and room revenue +8.0%.
Interpretation
Guests moving up faster than overnight stays means shorter trips; revenue moving up well above both means more revenue per night sold. This was a half-year of revenue per night rather than of fuller beds, and that kind of revenue is more sensitive to price than to demand.
Implication
The half-year moves the question from growth to the source of revenue: how much of the increase is price, how much is market mix, and how much disappears if external markets, up only 1.0%, do not return in the second half of the year. Assets heavily exposed to Greater Lisbon and the Algarve enter that period from the weakest base.
OUTLOOK
Three signals to watch in the second half
- Whether external markets move beyond +1.0% and contribute in high season.
- Whether Greater Lisbon and the Algarve leave behind the half-year's -0.2% and +0.4%.
- Whether price keeps making the revenue once summer caps available capacity.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, June 2025, released 31 July 2025. January-June cumulative.
- Complementary sources
- Statistics Portugal, Tourism Activity, Q2 2025, released 14 August 2025. First-half 2025 paragraph.
- Release date
- Data status
Revised data
- Notes
Levels and year-on-year changes from the January-June cumulative INE published on 31 July 2025; guests and resident / non-resident stays from the first-half paragraph of the quarterly release of 14 August 2025. Regional change aggregated from INE's published monthly figures, since INE publishes no half-year regional table. INE publishes no half-year RevPAR, ADR or occupancy.