Short-Term Rental Revenues Down 90% in February

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.