“At the moment, we’re on the verge of reaching the target set for tourism revenue, which is scheduled for 2027. So our outlook is that this year will in fact end up being better than 2023.” The president of Turismo de Portugal, Carlos Abade, is optimistic.
Tourism in Portugal continues to show steady growth, as evidenced by the increase in the number of guests, overnight stays and tourism revenue. In 2023, the sector grew by 7.7% compared to 2019. From the beginning of 2024 until the month of May, tourism revenue increased by 11% compared to the same period in 2023.
On July 15, the National Statistics Institute (INE) shared a report on statistics relating to the sector of tourism in Portugal and its activities, which indicated a growth of 12.2% in total revenue from tourist accommodation and an increase in accommodation activity of 11.9%. During this period, when compared to the previous year, there was also an increase in the number of guests and overnight stays of 5.3% and 4.4% respectively.
Finally, INE reported that the average number of nights per stay in Portugal was 2.45 nights.
LovelyStay’s performance
In line with the growth of the national tourism sector, LovelyStay showed remarkable results between January and May 2024, compared to the same period in 2023. The average occupancy rate remained stable at approximately 70%. However, the average revenue per property increased substantially, from 10 thousand euros in 2023 to 14 thousand euros in 2024. This 40% growth reflects the effectiveness of the price optimization and revenue management strategies implemented by LovelyStay. In addition, the average number of nights per stay has also grown, from 3.6 days in 2023 to 3.9 days in 2024.
These results consolidate LovelyStay’s position as a leader in the property management market in Portugal, highlighting its ability to adapt to trends and implement technological innovations that benefit both guests and owners.
If you would like to find out more about the innovations and strategies that consolidate LovelyStay as a market leader, and how we turn the properties we manage into real success stories, please don’t hesitate to contact our team at sales@lovelystay.com or at +351 939958051.
