GUESTS
1.9 M
+4.5%YoY
revised change
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | December 2025
Portugal, December 2025: overnight stays +3.0% and total revenue +6.8% 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 December 2025.
EXECUTIVE SUMMARY
December closed 2025 with the domestic market ahead
Statistics Portugal closed the year with the note that overnight stays grew 2.2% in 2025. In December, tourist accommodation recorded 1.9 million guests (+4.5%) and 4.3 million overnight stays (+3.0%), with EUR 335.9 million of total revenue (+6.8%) and EUR 236.0 million of room revenue (+5.7%).
RevPAR rose to EUR 38.9 (+1.5%) and ADR to EUR 99.7 (+2.2%), while net bed occupancy eased to 31.8%, 0.3 pp lower.
The month was worth more on price than on use of capacity, and the demand behind it was mostly domestic.
Executive takeaway
Overnight stays grew 3.0% and total revenue 6.8%, with price doing the work: ADR gained 2.2% while net bed occupancy was 0.3 pp lower.
KEY INDICATORS
More revenue from price, less from occupancy
OVERNIGHT STAYS
4.3 M
+3.0%YoY
TOTAL REVENUE
EUR 335.9 M
+6.8%YoY
revised change
ROOM REVENUE
EUR 236.0 M
+5.7%YoY
REVPAR
EUR 38.9
+1.5%YoY
revised change
NET BED OCCUPANCY
31.8%
-0.3 ppYoY
revised change
Reading: total revenue increased 6.8% while overnight stays grew 3.0%. ADR (+2.2%) did more for RevPAR (+1.5%) than occupancy, which was 0.3 pp lower.
DEMAND
Residents moved ahead on guest numbers
RESIDENT OVERNIGHT STAYS
1.7 M
+6.0%YoY
NON-RESIDENT STAYS
2.6 M
+1.2%YoY
revised change
Resident guests totalled 988.1 thousand and slightly outnumbered non-residents (948.5 thousand), 51.0% of the total, for the first time since December 2023. Resident overnight stays reached 1.7 million (+6.0%, after +0.8% in November) and non-resident stays 2.6 million (+1.2%, after +0.6%). Among the ten largest source markets, worth 71.1% of non-resident stays, Canada led (+10.3%) and France had the largest drop (-11.0%); over the full year the United Kingdom remained the leading source market, with 17.7% of non-resident stays despite a 1.5% decrease.
Change in overnight stays by source market
% · December 2025, year-on-year change
Canada
+10.3%
Germany
+0.8%
United Kingdom
+0.1%
Spain
-3.7%
France
-11.0%
REGIONS
The Centre led the month; the islands lagged
Change in overnight stays by region
% · December 2025, year-on-year change
Centre
+8.4%
West and Tagus Valley
+5.7%
North
+5.2%
Algarve
+4.4%
Alentejo
+3.6%
Greater Lisbon
+2.1%
Setúbal Peninsula
+1.1%
Madeira
-2.1%
Azores
-4.5%
In December the largest increases in overnight stays were in the Centre (+8.4%), the West and Tagus Valley (+5.7%) and the North (+5.2%). Greater Lisbon added 2.1% and the Algarve 4.4%. Across 2025 as a whole every region grew, the largest gains in the Alentejo (+6.3%), the Setúbal Peninsula (+4.7%) and the North (+4.5%).
OPERATING PERFORMANCE
Price up, occupancy slightly down
Portugal, tourist accommodation establishments.
ADR
EUR 99.7
+2.2%YoY
revised change
REVPAR
EUR 38.9
+1.5%YoY
revised change
NET BED OCCUPANCY
31.8%
-0.3 ppYoY
revised change
NET ROOM OCCUPANCY
39.0%
-0.3 ppYoY
revised change
TOTAL REVENUE
EUR 335.9 M
+6.8%YoY
revised change
ROOM REVENUE
EUR 236.0 M
+5.7%YoY
ADR reached EUR 99.7 (+2.2%) and RevPAR EUR 38.9 (+1.5%). Net bed occupancy and net room occupancy came in at 31.8% and 39.0%, both 0.3 pp below the previous year. With total revenue growing 6.8% and room revenue 5.7%, the additional income came mainly from price: ADR rose 2.2% and RevPAR only 1.5%.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
A year-end where price offset occupancy
Fact
Overnight stays +3.0%, total revenue +6.8%, ADR +2.2%, RevPAR +1.5% and net bed occupancy 31.8%, down 0.3 pp.
Interpretation
Revenue per available room moved up less than price, because occupancy did not follow. With the domestic market providing the larger contribution of the month, revenue quality now rests on a customer whose seasonality and spending differ from those of non-residents.
Implication
For buyers and lenders, December tests how long price holds without occupancy: review the mix by origin, measure dependence on the domestic market outside peak season, and watch the autonomous regions, the only ones in negative territory in the month.
OUTLOOK
Three signals to watch in January
- The pace of the domestic market after 6.0% in December.
- Whether the French market stops falling after -11.0% in December.
- The recovery, or not, of the two autonomous regions.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, December 2025, released 30 January 2026.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, January 2026, released 27 February 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 January 2026; year-on-year changes revised in the release of 27 February 2026.