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Short-Term Let Occupancy Remained Below 15% in May

July 6, 2021 – Ana Custódio

The local tourist accommodation sector is showing signs of recovery in Porto and Lisbon.

According to Confidencial Imobiliário’s SIR-Local Accommodation index, May saw a slight recovery in Lisbon and Porto, even though the overall activity level remained weak.

In Porto, average occupancy reached 10% in May, while RevPAR stood at €6, compared to April’s low of 3% and €2, respectively.

Average occupancy in local accommodation in Lisbon reached 13%, while RevPAR stood at €8. In April, the same indicators stood at 6% and €4, respectively.

There were 4,630 nights during the month in Porto, with a turnover of 325,500 euros. In Lisbon, 5,610 nights were sold for a total turnover of 498,500 euros. Compared to the month before, the level of activity more than doubled.

In the month under analysis, the average daily rate for Local Lodging reached €71 in Porto, practically unchanged compared to the previous month. The daily rate in May was €88 in Lisbon, above April’s figure of €80.

There are about 1,500 studio and one-bedroom flats for rent in Porto and about 1,450 in Lisbon, largely unchanged from the month before.  In comparison, there were about 2,900 studio and one-bedroom apartments on the short-term rental market in May 2020, whereas there were 4,900 in Lisbon.

Confidencial Imobiliário’s SIR-Local Lodging study considers studios and one-bedroom flats registered as local accommodations, listed on booking platforms and active.

Translation: Richard D K Turner