The number of hotel units available for sale and rent grew in the first three months of this year compared to the same period last year. If in the first case (sale), there were 1,038 hotels for sale at the end of the 1st quarter of 2024, corresponding to 31% more than the 791 in the same period last year, in the second case (lease), there were 62 hotel units for rent (+48% compared to the first three months of 2023).
The numbers are presented by CASAFARI, a European real estate data platform, which reveal the main conclusions of a study carried out on the hotel market in Portugal. The analysis was carried out based on data available on the platform and compared the first quarter of 2024 to the same period of the previous year, seeking to evaluate the most recent behaviour of these assets in terms of both sales and leasing.
At a regional level, Faro, Porto and Lisbon had the largest number of hotel units available for sale (289, 120 and 96, respectively). Conversely, there are several regions with only one hotel unit available for sale, such as Trofa, Penafiel, Paredes, among others.
Sintra, Lourinhã and Matosinhos stand out as the regions of the country with the biggest percentage increases, with supply being seven times greater, for example, in Sintra, while Odivelas, Baião and Coimbra showed negative variations.
Average price
The average price per m2 of hotels for sale in Portugal amounted to 3,319 euros in the first quarter of this year, an increase of +18% compared to the 2,818 euros recorded in the same period last year. At a regional level, Cascais, Sintra and Lisbon have the highest average price per m2 in the country (7,213 euros, 6,995 euros and 6,175 euros, respectively). Conversely, Paredes, Amarante and Penafiel had the lowest average prices per m2 in the country.
At the percentage level, Lourinhã, Madeira and Guarda appear with the biggest increases. Marco de Canaveses, Castelo Branco and Beja show negative variations in the average price per m2 in the first quarter of 2024.
Rental prices
In the first three months of 2024, there were 62 hotels available for rent, a number that represents an increase of +48% compared to the 42 registered in the same period last year.
At a regional level, Lisbon, Faro and Porto had the largest number of hotel units available for rent (18, 12 and 11, respectively). Conversely, Aveiro, Santarém, Viseu, Viana do Castelo, and Beja, among others, have only one hotel unit available for rent.
Cascais, Porto and Lisbon showed the biggest percentage increases, while Sintra, Matosinhos and Évora showed negative variations in the first quarter of 2024.
The average price per m2 of hotels for rent in Portugal amounted to 24 euros in the first quarter of this year, a drop of -43% compared to the 41 euros recorded in the same period last year.
At a regional level, Cascais, Leiria and Oeiras are the regions with the highest average price per m2 in the country (425 euros, 196 euros and 26 euros, respectively). On the other hand, Bragança, Viseu and Aveiro had the lowest average prices per m2.
At the percentage level, Vila Real, Setúbal and Coimbra recorded the biggest increases. But Aveiro, Santarém and Leiria showed negative variations in the average price per m2 in the period under analysis.
There is no mention made of what is defined as a "hotel", so this could include 4-bedroomed B&B's as well as large hotels of 300 rooms.
These articles would be useful if they were properly reported on and the writer actually followed up with the authors of the study and pressed them for relevant details.
By Tony Williams from Other on 20 May 2024, 13:33
I also am very interested in knowing WHY there are so many properties on the market. Are the same factors that contribute to the residential market affecting the commercial?
By Tequoia Urbina from USA on 10 Sep 2024, 08:07