GUESTS
2.9 M
+8.4%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | April 2025
Portugal, April 2025: overnight stays +8.9% and total revenue +12.6% 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 April 2025.
EXECUTIVE SUMMARY
Easter returned both volume and price to April
April added 7.1 million overnight stays (+8.9%) and 2.9 million guests (+8.4%). Statistics Portugal attributes the boost to Easter, which came in April this year after sitting in March a year earlier.
Revenue followed: EUR 571.1 million in total revenue (+12.6%) and EUR 436.0 million in room revenue (+13.8%). RevPAR rose to EUR 69.5 (+10.8%), ADR to EUR 115.9 (+6.3%) and net bed occupancy to 50.4%, up 2.9 pp.
The month brings both levers together: more beds filled and a higher price. The useful reading is March and April combined, because each month's comparison base has moved.
KEY INDICATORS
Volume and value moved up together
OVERNIGHT STAYS
7.1 M
+8.9%YoY
revised change
TOTAL REVENUE
EUR 571.1 M
+12.6%YoY
ROOM REVENUE
EUR 436.0 M
+13.8%YoY
revised change
REVPAR
EUR 69.5
+10.8%YoY
NET BED OCCUPANCY
50.4%
+2.9 ppYoY
revised change
Reading: total revenue (+12.6%) outpaced volume (+8.9%) and net bed occupancy added 2.9 pp, so the month combined fuller use of capacity with a higher price. Residents (+12.2%) moved ahead of non-residents (+7.7%).
DEMAND
Residents and non-residents both advanced, with Spain ahead
RESIDENT OVERNIGHT STAYS
2.0 M
+12.2%YoY
revised change
NON-RESIDENT STAYS
5.1 M
+7.7%YoY
Resident overnight stays reached 2.0 million (+12.2%) and non-resident stays 5.1 million (+7.7%). After March, when non-residents had lost 4.9%, both returned to positive territory.
The ten largest source markets accounted for 74.6% of non-resident stays. Spain, at 9.0% of the total, posted the biggest increase (+43.0%), ahead of Ireland (+12.1%), the United Kingdom (+7.1%), the United States (+6.0%) and Germany (+5.8%). France stood out on the downside (-10.8%).
Change in overnight stays by source market
% · April 2025, year-on-year change
Spain
+43.0%
Ireland
+12.1%
United Kingdom
+7.1%
United States
+6.0%
Germany
+5.8%
France
-10.8%
REGIONS
Every region moved up, at very different speeds
Change in overnight stays by region
% · April 2025, year-on-year change
Centre
+18.4%
Azores
+14.3%
North
+12.8%
Alentejo
+12.5%
Algarve
+11.3%
Setúbal Peninsula
+10.6%
Madeira
+7.3%
Greater Lisbon
+3.5%
West and Tagus Valley
+1.5%
The Centre led (+18.4%), ahead of the Azores (+14.3%), the North (+12.8%), Alentejo (+12.5%), the Algarve (+11.3%) and Setúbal Peninsula (+10.6%). At the foot of the table, Madeira (+7.3%), Greater Lisbon (+3.5%) and the West and Tagus Valley (+1.5%) stayed below the national average.
OPERATING PERFORMANCE
More occupancy and more price at the same time
Portugal, tourist accommodation establishments.
ADR
EUR 115.9
+6.3%YoY
REVPAR
EUR 69.5
+10.8%YoY
NET BED OCCUPANCY
50.4%
+2.9 ppYoY
revised change
NET ROOM OCCUPANCY
60.0%
+2.5 ppYoY
revised change
TOTAL REVENUE
EUR 571.1 M
+12.6%YoY
ROOM REVENUE
EUR 436.0 M
+13.8%YoY
revised change
Net bed occupancy rose to 50.4% (+2.9 pp) and net room occupancy to 60.0% (+2.5 pp). ADR reached EUR 115.9 (+6.3%) and RevPAR EUR 69.5 (+10.8%), so the RevPAR gain came from occupancy and price together rather than from one of them. Total revenue came to EUR 571.1 million (+12.6%) and room revenue to EUR 436.0 million (+13.8%).
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
A good month, partly borrowed from the calendar
Fact
Overnight stays +8.9%, total revenue +12.6%, RevPAR +10.8%, ADR +6.3% and net bed occupancy 50.4%, up 2.9 pp.
Interpretation
RevPAR advanced 10.8% with ADR up 6.3% and occupancy adding 2.9 pp. Both levers worked at once, which is the strongest signal an asset can give, but part of the gain is the Easter that March did not have.
Implication
April should not enter a valuation on its own. Adding March and April cancels the calendar effect and leaves the question that matters: how much of an ADR of EUR 115.9 survives in a month with no moving holiday.
OUTLOOK
Three signals to watch in May
- How much of the April gain holds without the Easter effect.
- Whether the Spanish market sustains its 43.0% advance.
- The gap between Greater Lisbon (+3.5%), the West and Tagus Valley (+1.5%) and the national average.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, April 2025, released 30 May 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, May 2025, released 30 June 2025. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 30 May 2025; year-on-year changes revised in the release of 30 June 2025.