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Market Brief · QUARTERLY BRIEF
Tourism & Hospitality Brief
Portugal | Q2 2026
Portugal, Q2 2026: overnight stays +1.2% and total revenue +5.2% year on year.
Quarterly · Historical edition · Published on · Provisional data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
Historical edition, published on 4 September 2026 with data for Q2 2026.
EXECUTIVE SUMMARY
The second quarter slowed in volume and in value
Tourist accommodation recorded 9.4 million guests (+2.3%) and 23.3 million overnight stays (+1.2%) in the quarter. Statistics Portugal cautions that the moving calendar, and the Easter period with it, may have influenced the results.
Total revenue reached EUR 2,140.0 million (+5.2%) and room revenue EUR 1,636.6 million (+4.5%), with ADR at EUR 130.2 (+2.4%) and RevPAR at EUR 81.6 (+0.8%). Within the quarter, overnight stays rose 0.4% in April, 2.5% in May and 0.7% in June: only May had any lift.
Everything kept moving up, but every indicator lost pace against the start of the year.
Executive takeaway
Overnight stays grew 1.2% and total revenue 5.2%, with the domestic market generating most of the quarter's increase.
KEY INDICATORS
More revenue, with less momentum
OVERNIGHT STAYS
23.3 M
+1.2%YoY
TOTAL REVENUE
EUR 2,140.0 M
+5.2%YoY
value derived from INE's cumulative figures
ROOM REVENUE
EUR 1,636.6 M
+4.5%YoY
value derived from INE's cumulative figures
REVPAR
EUR 81.6
+0.8%YoY
ADR
EUR 130.2
+2.4%YoY
Reading: total revenue rose 5.2% and overnight stays 1.2%. ADR gained 2.4% against RevPAR at 0.8%. Rate keeps carrying revenue while occupancy keeps taking away from it.
DEMAND
Residents accelerated, the external market stalled
RESIDENT OVERNIGHT STAYS
6.5 M
+3.2%YoY
NON-RESIDENT STAYS
16.7 M
+0.5%YoY
Resident overnight stays increased 3.2% to 6.5 million, accelerating for the first time since the second quarter of the previous year. Non-resident stays grew 0.5% to 16.7 million, still 71.9% of the total. Statistics Portugal notes that resident overnight stays returned to growing faster than non-resident ones, after that relation had inverted in the previous quarter. Among the ten largest source markets Canada again recorded the biggest gain (+7.2%) and France the biggest drop (-7.2%), holding the downward path it has followed since the third quarter of 2024. The United States (+4.9%) and Germany (+2.5%) ran ahead of the external markets as a whole; the United Kingdom managed +0.3%.
Change in overnight stays by source market
% · Q2 2026, year-on-year change
Canada
+7.2%
United States
+4.9%
Germany
+2.5%
United Kingdom
+0.3%
France
-7.2%
REGIONS
Alentejo and the North ahead for a second quarter
Change in overnight stays in the regions INE singles out
% · Q2 2026, year-on-year change
Alentejo
+5.4%
North
+5.0%
Centre
-3.9%
West and Tagus Valley
-4.0%
The Alentejo (+5.4%) and the North (+5.0%) added the largest gains in overnight stays. At the other end, the West and Tagus Valley (-4.0%) and the Centre (-3.9%) posted the largest decreases. In the Algarve the three main markets accounted for 50.5% of the region's overnight stays, a concentration that amplifies any slowdown in a single source market.
OPERATING PERFORMANCE
Rate up, occupancy giving way
Portugal, tourist accommodation establishments.
ADR
EUR 130.2
+2.4%YoY
REVPAR
EUR 81.6
+0.8%YoY
TOTAL REVENUE
EUR 2,140.0 M
+5.2%YoY
value derived from INE's cumulative figures
ROOM REVENUE
EUR 1,636.6 M
+4.5%YoY
value derived from INE's cumulative figures
ADR reached EUR 130.2 (+2.4%) and RevPAR EUR 81.6 (+0.8%). Total revenue came to EUR 2,140.0 million (+5.2%) and room revenue to EUR 1,636.6 million (+4.5%), slower than at the start of the year. Statistics Portugal publishes no quarterly occupancy rates; in the monthly releases, net bed occupancy sat below the year before in each of the quarter's three months. Revenue grew on rate, not on volume and not on more beds filled.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
The domestic market pulled again
Fact
Total revenue +5.2%, overnight stays +1.2%, ADR +2.4% and RevPAR +0.8%.
Interpretation
RevPAR is the indicator that combines rate and occupancy, and it moved least. The rate increase is being paid for with nights sold, and the revenue gain does not correspond to heavier use of the assets. By segment, local accommodation lost 1.2% of its overnight stays while hotels added 1.6%.
Implication
For those who own or finance assets, the signal is to test where rate starts to break. A second quarter with RevPAR rising less than ADR says demand no longer absorbs increases without a cost in occupancy. Assets tied to the French market, to the Centre and to the West and Tagus Valley deserve their own reading, and exposure to local accommodation should be assessed separately from hotels.
OUTLOOK
Three signals to watch in the third quarter of 2026
- The next quarter carries no Easter effect and will be the year's first clean reading.
- Whether the acceleration in resident overnight stays survives the high season, when the external market weighs most.
- Whether non-resident overnight stays pick up speed again or turn negative, after a quarter of near standstill.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity, Q2 2026, released 14 August 2026.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, June 2026, released 31 July 2026. Used for the quarter's revenue.
- Statistics Portugal, Tourism Activity - Flash Estimates, March 2026, released 30 April 2026. Used for the quarter's revenue.
- Release date
- Data status
Provisional data
- Notes
Levels and year-on-year changes from the INE quarterly release of 14 August 2026. Total revenue for the quarter was obtained as the difference between the cumulative figures INE published on 31 July 2026 and 30 April 2026, since the quarterly release of 14 August 2026 prints only a figure rounded to thousand millions of euros. Room revenue for the quarter was obtained as the difference between the cumulative figures INE published on 31 July 2026 and 30 April 2026, since the quarterly release of 14 August 2026 prints only a figure rounded to thousand millions of euros. INE publishes no quarterly occupancy rates.