Short-Term Letting Sector Sees 81.2% Y-O-Y Drop in Revenues in January

Portugal’s short-term letting sector reported 308,400 guests and 709,900 overnight stays in January 2021.

According to the country’s National Statistic Institute (INE), the figures correspond to declines of 78.3% and 78.2%, respectively (vs -71.2% and -72.6% in December). The number of overnight stays spent by residents dropped by 60.3% (-54.2% in December), and nights spent by non-residents decreased by 87.0% (-83.2% in the previous month). The sector saw its total income reach 33 million euros and 24 million euros, corresponding to a fall of 81.2% and 80.8%, respectively (-73.9% and -74.4% in December, by the same order).

Domestic travellers spent a total of 427,000 nights, a decrease of 60.3% (-54.2% in December), non-resident travellers spent 87.0% fewer nights (-83.2% in the previous month) for a total of 282,900 nights.  In January, declines of over 50% in overnight stays in January, with the smallest decreases in the Alentejo (-59.3%) and Centre (-69.3%) and the largest decreases in  Metropolitan Lisbon (-81.9%), Madeira (-81.2%) and the Algarve (-80.6%). Metropolitan Lisbon accounted for 27.5% of the total overnight stays, followed by the North (19.4%) and the Algarve (15.3%). Every region also reported drops in overnight stays by residents, with the smallest drops in the Alentejo (-54.9%) and the Autonomous Region of Madeira (-56.1%). At the same time, overnight stays by non-residents fell by 68.9% in Alentejo, while every other area reported drops of over 80%.

Total income for the sector reached 33 million euros (resident travellers) and 24 million euros (for non-resident stays), down by 81.2% and 80.8%, respectively (vs -73.9% and -74.4% in December). The whole country reported significant decreases in total income and room nights in January, with the most significant declines in Metropolitan Lisbon (-86.5% in both), Algarve (-81.5% and -80.8%, respectively) and North (-80.4% and -79.6%).