GUESTS
3.1 M
+3.6%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | October 2025
Portugal, October 2025: overnight stays +2.2% and total revenue +7.2% 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 October 2025.
EXECUTIVE SUMMARY
October brought non-residents back to growth
Statistics Portugal flagged the return of non-residents to growth after two months of decline. October closed with 7.7 million overnight stays (+2.2%) and 3.1 million guests (+3.6%).
On the revenue side, EUR 691.2 million in total revenue (+7.2%) and EUR 521.5 million in room revenue (+5.9%), with ADR at EUR 122.6 (+3.5%), RevPAR at EUR 77.5 (+2.9%) and net bed occupancy at 50.9%, down 0.3 pp.
Unlike the two preceding months, the revenue gain had volume behind it, even if price still did most of the work.
Executive takeaway
After two months of decline, non-resident overnight stays increased again (+1.0%) alongside residents (+5.8%), and total revenue rose 7.2% with net bed occupancy close to stable.
KEY INDICATORS
Volume and price pulling the same way
OVERNIGHT STAYS
7.7 M
+2.2%YoY
revised change
TOTAL REVENUE
EUR 691.2 M
+7.2%YoY
revised change
ROOM REVENUE
EUR 521.5 M
+5.9%YoY
revised change
REVPAR
EUR 77.5
+2.9%YoY
NET BED OCCUPANCY
50.9%
-0.3 ppYoY
Reading: total revenue (+7.2%) again ran ahead of overnight stays (+2.2%), but this time with net bed occupancy almost intact (-0.3 pp) and ADR at +3.5%. Revenue was won on price without giving up beds.
DEMAND
Both sides of demand moved up
RESIDENT OVERNIGHT STAYS
2.0 M
+5.8%YoY
revised change
NON-RESIDENT STAYS
5.8 M
+1.0%YoY
revised change
Resident overnight stays rose 5.8% to 2.0 million and non-resident stays 1.0% to 5.8 million. Among the ten largest source markets, which supplied 73.9% of non-resident stays, Canada (+4.7%) and Spain (+2.4%) led, followed by the United States (+1.9%) and Germany (+1.2%). France (-6.8%), the Netherlands (-6.0%) and the United Kingdom (-3.3%) stayed in negative territory.
Change in overnight stays by source market
% · October 2025, year-on-year change
Canada
+4.7%
Spain
+2.4%
United States
+1.9%
Germany
+1.2%
United Kingdom
-3.3%
Netherlands
-6.0%
France
-6.8%
REGIONS
Alentejo and Madeira ahead, the Algarve still down
Change in overnight stays by region
% · October 2025, year-on-year change
Alentejo
+10.8%
Madeira
+6.1%
North
+4.3%
Setúbal Peninsula
+3.4%
Greater Lisbon
+2.9%
West and Tagus Valley
+1.0%
Centre
-0.1%
Algarve
-0.7%
Azores
-1.5%
Alentejo (+10.8%) and Madeira (+6.1%) recorded the largest increases, ahead of the North (+4.3%) and Setúbal Peninsula (+3.4%). Greater Lisbon added 2.9%, with residents up 8.3% and non-residents up 1.9%. Moving the other way, the Azores (-1.5%), the Algarve (-0.7%) and the Centre (-0.1%) closed the month below 2024.
OPERATING PERFORMANCE
Occupancy stopped being the brake
Portugal, tourist accommodation establishments.
ADR
EUR 122.6
+3.5%YoY
REVPAR
EUR 77.5
+2.9%YoY
NET BED OCCUPANCY
50.9%
-0.3 ppYoY
NET ROOM OCCUPANCY
63.2%
-0.2 ppYoY
revised change
TOTAL REVENUE
EUR 691.2 M
+7.2%YoY
revised change
ROOM REVENUE
EUR 521.5 M
+5.9%YoY
revised change
October ADR was EUR 122.6 (+3.5%) and RevPAR EUR 77.5 (+2.9%). Net bed occupancy stood at 50.9%, down 0.3 pp, and net room occupancy at 63.2%, down 0.2 pp. Total revenue rose 7.2% to EUR 691.2 million and room revenue 5.9% to EUR 521.5 million: with overnight stays at +2.2%, part of the revenue gain was volume and price supplied the rest.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Growth better balanced between price and occupancy
Fact
Overnight stays +2.2%, total revenue +7.2%, ADR +3.5% and net bed occupancy at 50.9%, down 0.3 pp.
Interpretation
RevPAR of EUR 77.5 rose 2.9% at almost no cost in occupancy, which is not the same as rising on price alone. The return of non-residents (+1.0%) widened the demand base outside the peak season and reduced reliance on a single type of customer.
Implication
October underlines the value of assets that work outside the summer: Alentejo (+10.8%) and Madeira (+6.1%) showed that the shoulder season grew faster than the rest of the year, while the Algarve (-0.7%) remained tied to the calendar. How much of the year is earned in these months is worth checking before setting price and capacity.
OUTLOOK
Three signals to watch in November
- The +1.0% from non-residents: consolidated or given back in November.
- Whether the Algarve leaves negative territory after -0.7%.
- France (-6.8%) and the Netherlands (-6.0%), the two markets still falling.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, October 2025, released 28 November 2025.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, November 2025, released 31 December 2025. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 28 November 2025; year-on-year changes revised in the release of 31 December 2025.