GUESTS
3.3 M
+0.9%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | September 2025
Portugal, September 2025: overnight stays +0.6% 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 September 2025.
EXECUTIVE SUMMARY
September grew on resident demand alone
September brought 3.3 million guests and 8.5 million overnight stays, up 0.9% and 0.6% year on year, with residents accounting for the whole of the increase.
On the value side, EUR 840.1 million in total revenue (+5.7%) and EUR 659.1 million in room revenue (+5.6%); ADR moved to EUR 143.1 (+3.9%), RevPAR to EUR 99.2 (+2.8%) and net bed occupancy dropped to 56.4%, down 1.2 pp.
September repeated the previous month's pattern with less room to spare: revenue kept rising on a non-resident demand base that had contracted for two months.
Executive takeaway
With non-residents at -1.1% and Germany (+3.1%) the only one of the ten largest markets to advance, the month rested on the 4.9% from residents.
KEY INDICATORS
Value growing on almost flat volume
OVERNIGHT STAYS
8.5 M
+0.6%YoY
revised change
TOTAL REVENUE
EUR 840.1 M
+5.7%YoY
revised change
ROOM REVENUE
EUR 659.1 M
+5.6%YoY
revised change
REVPAR
EUR 99.2
+2.8%YoY
NET BED OCCUPANCY
56.4%
-1.2 ppYoY
revised change
Reading: 5.7% in total revenue against 0.6% in overnight stays is almost entirely a price effect. ADR (+3.9%) did more for RevPAR (+2.8%) than net bed occupancy, which lost 1.2 pp.
DEMAND
Non-resident demand cooled across the board
RESIDENT OVERNIGHT STAYS
2.5 M
+4.9%YoY
revised change
NON-RESIDENT STAYS
6.0 M
-1.1%YoY
revised change
Resident overnight stays reached 2.5 million, up 4.9%, and non-resident stays stood at 6.0 million, 1.1% below September 2024. The ten largest source markets accounted for 75.9% of non-resident stays and only Germany added volume, at +3.1% and 12.5% of the total. The United Kingdom kept the lead with 18.9% of the total despite -6.1%, Ireland (-7.3%) and France (-7.2%) posted the steepest drops, and the United States was close to flat at -0.4%.
Change in overnight stays by source market
% · September 2025, year-on-year change
Germany
+3.1%
United States
-0.4%
United Kingdom
-6.1%
France
-7.2%
Ireland
-7.3%
REGIONS
Alentejo ahead, the south and the Azores below last year
Change in overnight stays by region
% · September 2025, year-on-year change
Alentejo
+8.0%
Setúbal Peninsula
+3.6%
North
+3.4%
Madeira
+2.3%
West and Tagus Valley
+2.0%
Greater Lisbon
+0.8%
Azores
-1.5%
Algarve
-2.2%
Centre
-2.4%
Alentejo (+8.0%) and Setúbal Peninsula (+3.6%) posted the largest increases, followed by the North (+3.4%). The Centre (-2.4%), the Algarve (-2.2%) and the Azores (-1.5%) were the three regions with fewer overnight stays than a year earlier. In Greater Lisbon, the 0.8% advance came from residents (+9.3%), with non-residents at -0.7%.
OPERATING PERFORMANCE
Fewer beds filled, more revenue per room
Portugal, tourist accommodation establishments.
ADR
EUR 143.1
+3.9%YoY
REVPAR
EUR 99.2
+2.8%YoY
NET BED OCCUPANCY
56.4%
-1.2 ppYoY
revised change
NET ROOM OCCUPANCY
69.3%
-0.6 ppYoY
revised change
TOTAL REVENUE
EUR 840.1 M
+5.7%YoY
revised change
ROOM REVENUE
EUR 659.1 M
+5.6%YoY
revised change
ADR came to EUR 143.1 (+3.9%) and RevPAR to EUR 99.2 (+2.8%). Net bed occupancy eased to 56.4%, down 1.2 pp, and net room occupancy to 69.3%, down 0.6 pp. Total revenue added up to EUR 840.1 million (+5.7%) and room revenue to EUR 659.1 million (+5.6%): with overnight stays at +0.6%, the extra revenue came from price rather than from fuller use of capacity.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
A higher price, a narrower demand base
Fact
Overnight stays +0.6%, total revenue +5.7%, ADR +3.9% and net bed occupancy -1.2 pp, with non-residents at -1.1%.
Interpretation
Price per night made up for the missing non-resident volume, but the demand base narrowed. A month in which only one of the ten largest source markets advances and three regions end below last year separates asset performance from national performance.
Implication
For an owner, September is a mix test. The British market, worth 18.9% of non-resident stays, dropped 6.1%, and only resident demand (+4.9%) made up the difference. Exposure by source market and by region is worth measuring before the national average is taken as a portrait of the asset.
OUTLOOK
Three signals to watch in October
- Whether non-residents halt the slide after -0.4% in August and -1.1% in September.
- Germany (+3.1%), the only one of the ten largest markets rising in September.
- The path of the Algarve (-2.2%) and the Centre (-2.4%) as the low season begins.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, September 2025, released 31 October 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, October 2025, released 28 November 2025. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 31 October 2025; year-on-year changes revised in the release of 28 November 2025.