GUESTS
3.4 M
+1.0%YoY
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Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | July 2026
Resilient demand, revenue growth and an increasingly uneven market across regions.
Monthly · Published on · Provisional data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
EXECUTIVE SUMMARY
July confirmed resilient tourism demand
Tourist accommodation recorded 3.4 million guests and 9.6 million overnight stays. Total revenue reached EUR 923.7 million and room revenue EUR 734.4 million.
Domestic demand remained the main growth driver. Resident overnight stays increased 5.1%, while non-resident overnight stays rose 0.7%, returning to growth after the June decline.
The national reading remains positive, but regional and operating dispersion requires analysis at asset, source-market and micro-location level.
Executive takeaway
Revenue grew faster than overnight stays, supported by pricing. However, lower occupancy and weaker performance in Greater Lisbon show that market development is becoming increasingly selective by region and asset.
KEY INDICATORS
Pricing supported revenue growth
OVERNIGHT STAYS
9.6 M
+2.1%YoY
TOTAL REVENUE
EUR 923.7 M
+4.9%YoY
ADR
EUR 154.9
+3.2%YoY
REVPAR
EUR 104.3
+1.8%YoY
NET ROOM OCCUPANCY
67.3%
-0.9 ppYoY
Net bed occupancy: 59.9%, -0.5 pp.
Reading: revenue growth continued to exceed overnight-stay growth. Occupancy declined, indicating greater reliance on pricing rather than fuller use of capacity.
DEMAND
Domestic demand led; international demand recovered modestly
RESIDENT OVERNIGHT STAYS
3.1 M
+5.1%YoY
NON-RESIDENT STAYS
6.6 M
+0.7%YoY
TEN LARGEST MARKETS
74.0%
share of foreign stays
The United Kingdom remained the leading source market, accounting for 18.4% of non-resident overnight stays and growing 3.0%. Poland recorded the strongest increase among the ten largest markets (+10.8%), while France posted the largest decline (-5.9%).
Overnight stays by US residents fell 3.1%, with the clearest impact in Greater Lisbon and the Algarve.
Change in overnight stays by source market
% · July 2026, year-on-year change
Poland
+10.8%
Germany
+5.3%
United Kingdom
+3.0%
Spain
+1.6%
United States
-3.1%
France
-5.9%
REGIONS
Alentejo and the North led growth
Change in overnight stays by region
% · July 2026, year-on-year change
Alentejo
+7.7%
North
+6.3%
Madeira
-0.9%
Azores
-1.2%
The Algarve, Greater Lisbon and the North accounted for 68.4% of national overnight stays. The Algarve led total and room revenue, with shares close to 35%.
OPERATING PERFORMANCE
Greater Lisbon diverged from the national average
Greater Lisbon
OVERNIGHT STAYS
+0.4%
Greater Lisbon
NET ROOM OCCUPANCY
74.1%
-4.3 ppYoY
ADR
EUR 154.6
-2.0%YoY
REVPAR
EUR 114.5
-7.3%YoY
TOTAL REVENUE
EUR 196.3 M
-2.0%YoY
Despite slight growth in overnight stays, the simultaneous decline in occupancy, ADR, RevPAR and revenue points to specific operating pressure in the region. The national average does not adequately represent this reality.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
A positive but selective view
Fact
National demand and revenue remain resilient, but growth is not benefiting every market and asset equally.
Interpretation
Regional and micro-location analysis is becoming more relevant than the national average. Greater Lisbon's divergence shows that tourism growth and asset performance are not equivalent.
Implication
For investors and owners, the priority should be asset-level revenue quality: source-market mix, pricing power, operating efficiency and the ability to preserve occupancy without discounting. Investment decisions should therefore test demand origin, price elasticity, cost structure and each asset's ability to capture sustainable revenue.
OUTLOOK
Three signals to watch in August
- Whether international demand continues to recover.
- The balance between occupancy and ADR.
- Whether Greater Lisbon stabilises.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, July 2026, released 31 August 2026.
- Complementary sources
- Turismo de Portugal / TravelBI, Turismo em Números - July 2026.
- Banco de Portugal estimates reproduced by TravelBI.
- Release date
- Data status
Provisional data
- Notes
Statistics Portugal flash estimates, subject to revision. All changes are year-on-year unless stated otherwise. Room occupancy is reported on a net basis and its change in percentage points.