After our recent reports about the Spanish Hotel Market, in which Christie & Co has analysed some of the most relevant areas or cities to the tourist industry, now we present a Report about the Portuguese Hotel Market –covering the main tourist destinations including Lisbon, the Algarve and the North of Portugal, including Porto.
Like in Spain, the tourism in Portugal has demonstrated its resilience during the economic crisis, and for the last few years, the Portuguese hotel market has experienced a very positive growth in demand which is resulting also in a profitability increase.
This improvement within the hotel market is also reflected on the favourable country-wide macroeconomic indicators which are providing a fundamental base for this growth. GDP grew 3.4% to reach €179M in 2015 while unemployment declined two points to 12%, pointing to clear symptoms of recovery in the economy.
Carlos Nieto, Associate Director at Christie & Co and specialist in the Portuguese market, points out "Without any doubt, Portugal has positioned itself as one of the main tourist destinations in the European market. The international situation and the interest of the main airlines to establish themselves in the airports of Lisbon and Oporto have determined a significant increase of the tourism, crucial sector for the economic recovery of the country. In relation to the city of Porto, I would emphasize that it is in full tourist development, which has led it to experience a significant increase of REVPAR during the last year”.
Xavier Batlle, the firm’s Senior Consultant for Spain and Portugal, maintains: “We wanted to revise the evolution of the most competitive tourist areas in Portugal, due to the growing interest we have noticed among investors and operators in the latest period to have a presence in the analysed areas.
From Christie & Co we intend on continuing to share our market knowledge by means of publishing studies on the attractive destinations and trends in Spain and Portugal.”
You can find this and other Christie & Co publications here