GUESTS
10.5 M
+2.1%YoY
revised change
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Market Brief · QUARTERLY BRIEF
Tourism & Hospitality Brief
Portugal | Q3 2025
Portugal, Q3 2025: overnight stays +1.9% and total revenue +7.4% year on year.
Quarterly · Historical edition · Published on · Revised data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
Historical edition, published on 4 September 2026 with data for Q3 2025.
EXECUTIVE SUMMARY
A summer that grew less and earned more
Tourist accommodation recorded 10.5 million guests and 28.6 million overnight stays, up 2.1% and 1.9% on the same quarter of 2024. External markets remained dominant at 67.8% of the total, the lowest share since the third quarter of 2022. It is the year's largest quarter by overnight stays, and the slowest-growing so far.
Total revenue reached EUR 2,740.0 million (+7.4%) and room revenue EUR 2,171.9 million (+6.8%), with ADR up 4.4% and RevPAR up 4.1%. Value grew faster than volume, and almost all of the gap is rate.
The quarter measures the ability to charge for demand more than the strength of demand itself.
Executive takeaway
Overnight stays slowed through the quarter, from +3.9% in July to +0.6% in September, while total revenue rose 7.4%. Growth came from price and from the domestic market.
KEY INDICATORS
Rate did nearly all the work
OVERNIGHT STAYS
28.6 M
+1.9%YoY
revised change
TOTAL REVENUE
EUR 2,740.0 M
+7.4%YoY
ROOM REVENUE
EUR 2,171.9 M
+6.8%YoY
REVPAR
EUR 106.5
+4.1%YoY
ADR
EUR 151.3
+4.4%YoY
Reading: total revenue grew 7.4% while overnight stays grew 1.9%. ADR rose 4.4% and RevPAR 4.1%, placing value creation on the rate side rather than the volume side.
DEMAND
Residents carried the quarter
RESIDENT OVERNIGHT STAYS
9.2 M
+5.5%YoY
NON-RESIDENT STAYS
19.4 M
+0.3%YoY
Resident overnight stays rose 5.5% to 9.2 million; non-resident stays came in at 19.4 million, up 0.3%. Dependence on external markets is very uneven: 83.2% of overnight stays in Greater Lisbon, 79.5% in Madeira and 76.6% in the Azores, against 36.1% in the Centre and 30.7% in the Alentejo. The United Kingdom was the leading external market in the Algarve, with 38.5% of the region's non-resident overnight stays.
Dependence on external markets by region
% · Q3 2025, share of non-resident overnight stays in the regional total
Greater Lisbon
+83.2%
Madeira
+79.5%
Azores
+76.6%
Centre
+36.1%
Alentejo
+30.7%
REGIONS
The Centre was the exception
Change in overnight stays in the regions INE singles out
% · Q3 2025, year-on-year change
Alentejo
+6.8%
Setúbal Peninsula
+4.1%
Madeira
+4.1%
Algarve
+0.4%
Centre
-0.2%
Among the regions Statistics Portugal singles out, the Alentejo grew 6.8% in overnight stays, the Setúbal Peninsula and Madeira 4.1% each, and the Algarve managed 0.4%. The Centre was the only region in negative territory, at -0.2%.
OPERATING PERFORMANCE
ADR moved further than RevPAR
Portugal, tourist accommodation establishments.
ADR
EUR 151.3
+4.4%YoY
REVPAR
EUR 106.5
+4.1%YoY
TOTAL REVENUE
EUR 2,740.0 M
+7.4%YoY
ROOM REVENUE
EUR 2,171.9 M
+6.8%YoY
Across the quarter ADR settled at EUR 151.3 (+4.4%) and RevPAR at EUR 106.5 (+4.1%). RevPAR grew less than ADR, which means occupancy did not follow. Total revenue came to EUR 2,740.0 million (+7.4%) and room revenue to EUR 2,171.9 million (+6.8%): the difference between the two rates sits outside the room. Statistics Portugal publishes no quarterly occupancy rates.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
The smallest external share since 2022
Fact
Overnight stays +1.9%, total revenue +7.4%, ADR +4.4% and RevPAR +4.1%.
Interpretation
Revenue per available room rose, but by less than rate: the gain came from charging more, not from filling more. With external markets close to a standstill (+0.3%), growth rested on residents (+5.5%), whose spread across the country differs from that of foreign demand.
Implication
What changes the decision is where each asset's demand comes from: those heavily exposed to external markets, as in Greater Lisbon (83.2%) or Madeira (79.5%), depend on a segment that grew 0.3%; those with meaningful domestic demand entered the quarter on a different base. Before extrapolating, it is worth knowing how much of the gain is rate and how much is occupancy.
OUTLOOK
Three signals to watch in the fourth quarter
- Whether the external markets' share keeps falling after its three-year low.
- Whether the Centre returns to growth or closes the year negative.
- Whether RevPAR can keep growing without help from occupancy, now outside peak season.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity, Q3 2025, released 17 November 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity, Q4 2025, released 13 February 2026. Year-on-year changes revised for the preceding quarter.
- Release date
- Data status
Revised data
- Notes
Levels and year-on-year changes from the INE quarterly release of 17 November 2025; year-on-year changes revised in the release of 13 February 2026. Total revenue for the quarter is the exact figure in millions of euros INE printed in the quarterly release of 17 November 2025. Room revenue for the quarter is the exact figure in millions of euros INE printed in the quarterly release of 17 November 2025. INE publishes no quarterly occupancy rates.