Daily rates, in high end local accommodation (AL), reached a record value of more than €300 in July, in both Lisbon and Porto.

In Lisbon, the highest prices were found in Baixa, where one night cost €356. In Ribeira, in Porto, the price reached €327. The average daily rate in July for AL in the capital remained at €121 and in Porto at €108, according to data compiled by Confidencial Imobiliário.

Average daily rates also reached new highs in July in both cities, with both cities breaking the €100 threshold. In Lisbon, the average daily rates for AL reached €100 for the first time in April this year, with the following months following the value. In Porto, the average daily rate of €100 euros was met in June and confirmed in July.

Occupancy rates

In July, Lisbon recorded an average occupancy of 75 percent, reaching a RevPar (Revenue per Available Housing Unit) of €86, a value "never achieved before". In Porto, AL generated an “historic” RevPar of €66 in July, with an average occupancy of 66 percent. This is a level close (73 percent) to the "previous peak observed in the period before the pandemic".

In July, 67,200 nights of AL were sold in Lisbon, with a turnover of €8.2 million. In Porto, the turnover was €6 million, with a total of 56,100 nights sold.

"Local Accommodation was one of the tourist accommodation segments most affected by the pandemic and began to show signs of recovery only at the beginning of this year. We recorded the best summer of Local Accommodation in terms of occupancy and profitability", said the director of Confidencial Imobiliário, Ricardo Guimarães.