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Short-Term Rental Revenues Down 90% in February

15 April 2021 – Ana Custódio

The tourist accommodation sector reported 208,200 guests and 472,900 overnight stays in February 2021.

The figures, published by Portugal’s National Institute of Statistics (INE), correspond to declines of 86.9% and 87.7%, respectively (vs -78.8% and -78.5% in January).

February was the month with the third-largest drop in overnight stays, surpassed only by April and May 2020 (-97.4% and -95.8%, respectively). Overnights by residents fell 74.8% (-61.0% in January) and stays by non-residents declined by 94.4% (-87.2% in the previous month). INE also stated that net bed occupancy (8.5%) fell by 26.7% (-19% in January).

Revenues for short-term letting establishments reached 18.6 million euros in total and 14.3 million euros regarding accommodations, corresponding to variations of -90.5% and -89.7%, respectively (-81.4% and -81.0% in January).

Average revenues per available room (RevPAR) stood at 5.7 euros in February, down 80.1% (-71.7% in January). The average revenue per occupied room reached 47.2 euros in February, a drop of 27.9% (-20.0% in January).

The data now include a full year of the Covid-19 pandemic. According to the INE, between March 2020 and February 2021, the tourism accommodation sector recorded 8.0 million guests and 20.0 million overnight stays, reflecting decreases of 70.9% and 71.7% y-o-y, respectively. The number of resident nights fell by 44.1%, while non-resident nights fell by 83.7%.

During the first year of the COVID-19 pandemic, revenues reached 1.1 billion euros in total (-73.7%) and 863.3 million euros for accommodations (-73.5%), reduced by 3.2 billion euros and 2.4 billion euros y-o-y, respectively.

Translation: Richard Turner