GUESTS
3.3 M
+3.7%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | May 2026
Portugal, May 2026: overnight stays +2.5% and total revenue +5.7% 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 May 2026.
EXECUTIVE SUMMARY
May returned domestic demand to growth
Tourist accommodation recorded 3.3 million guests and 8.0 million overnight stays, up 3.7% and 2.5% on May 2025, with Statistics Portugal revising both changes down in the following release.
Total revenue reached EUR 755.7 million, up 5.7%, and room revenue EUR 575.1 million, up 4.9%, yet RevPAR stood at EUR 84.0, only 0.6% higher, because net bed occupancy dropped 0.7 pp to 52.2%.
The national average hides an 11.3% drop in the French market. For owners, the month is defined by where demand comes from, not by the total.
Executive takeaway
Domestic demand won the month: resident overnight stays +6.7% against +1.1% for non-residents. Total revenue grew 5.7% and net bed occupancy lost 0.7 pp.
KEY INDICATORS
Revenue above volume, occupancy down
OVERNIGHT STAYS
8.0 M
+2.5%YoY
revised change
TOTAL REVENUE
EUR 755.7 M
+5.7%YoY
revised change
ROOM REVENUE
EUR 575.1 M
+4.9%YoY
revised change
REVPAR
EUR 84.0
+0.6%YoY
revised change
NET BED OCCUPANCY
52.2%
-0.7 ppYoY
revised change
Reading: total revenue grew 5.7% against 2.5% for overnight stays, while net bed occupancy lost 0.7 pp. The gain came from average price, not from more bed nights occupied.
DEMAND
Residents rebounded; non-residents held at +1.1%
RESIDENT OVERNIGHT STAYS
2.1 M
+6.7%YoY
revised change
NON-RESIDENT STAYS
5.9 M
+1.1%YoY
Resident overnight stays rose 6.7% to 2.1 million after a 1.2% drop in April, while non-resident stays added 1.1% to 5.9 million. Among the markets shown, Brazil (+9.3%) and Germany (+8.6%) posted the largest increases, the United States gained 5.2% and the United Kingdom was 1.1% lower. France was the largest drop in that group, -11.3%.
Change in overnight stays by source market
% · May 2026, year-on-year change
Brazil
+9.3%
Germany
+8.6%
United States
+5.2%
United Kingdom
-1.1%
France
-11.3%
REGIONS
The Algarve held 26.3%; Alentejo grew fastest
Change in overnight stays by region
% · May 2026, year-on-year change
Alentejo
+10.0%
North
+6.7%
Algarve
+4.7%
Setúbal Peninsula
+1.6%
Greater Lisbon
+1.0%
Azores
+0.5%
Centre
-0.6%
West and Tagus Valley
-1.5%
Madeira
-2.2%
The Algarve (26.3%), Greater Lisbon (23.6%) and the North (19.1%) together held 69.0% of all overnight stays. Alentejo (+10.0%) and the North (+6.7%) grew above the national average, while the Centre (-0.6%), the West and Tagus Valley (-1.5%) and Madeira (-2.2%) were negative. Every region increased revenue, with the largest gains in Alentejo: +22.9% in total revenue and +21.8% in room revenue.
OPERATING PERFORMANCE
Revenue rose on lower occupancy
Portugal, tourist accommodation establishments.
ADR
EUR 130.9
+2.4%YoY
REVPAR
EUR 84.0
+0.6%YoY
revised change
NET BED OCCUPANCY
52.2%
-0.7 ppYoY
revised change
NET ROOM OCCUPANCY
64.1%
-1.1 ppYoY
TOTAL REVENUE
EUR 755.7 M
+5.7%YoY
revised change
ROOM REVENUE
EUR 575.1 M
+4.9%YoY
revised change
ADR reached EUR 130.9, up 2.4%, and RevPAR EUR 84.0, up 0.6%. The gap sits in occupancy: net bed occupancy of 52.2%, down 0.7 pp, and net room occupancy of 64.1%, down 1.1 pp. Total revenue growth of 5.7% reflects price: with RevPAR at +0.6%, the gain did not come from heavier use of the beds.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
The total rose; revenue per available room did not
Fact
Overnight stays +2.5%, total revenue +5.7%, RevPAR +0.6% and net bed occupancy -0.7 pp.
Interpretation
The revenue increase came from price, while RevPAR barely moved. This is not broad pricing power: each available room earned almost what it earned a year earlier.
Implication
For owners and lenders, the May question is productivity per bed and per room, not the revenue total. Assets exposed to the French and British markets need a plan to replace that demand; Alentejo and the North show where volume and revenue still grow together.
OUTLOOK
Three signals to watch in June
- Whether resident growth holds once the April rebound effect is gone.
- How the French market behaves after an 11.3% drop.
- Whether net bed occupancy stabilises or keeps sliding while revenue rises.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, May 2026, released 30 June 2026.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, June 2026, released 31 July 2026. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 30 June 2026; year-on-year changes revised in the release of 31 July 2026.