The occupancy rate for local accommodation in Portugal has reached historic lows, having dropped to 5% in the Lisbon region and to 3% in the Porto region, according to data today, June 29, released by ‘Confidencial Imobiliário’.
“The month of May confirmed the paralysis of the local accommodation (AL) market, with the average occupancy rates in this type of accommodation reaching 5% in Lisbon and 3% in Porto. Even including a few days of lack of definition, May worsened the already low occupancy levels observed in April, when Lisbon registered an average occupancy rate of 10% and Porto 11% ”, reveals a statement from ‘Confidencial Imobiliário’.
The same information note adds that “in May 2019, the average occupation in Lisbon was 73% and in Porto, 66%”, while in March this year, the average occupation of LA in both cities was around 40%, “Still reflecting the dynamics of a month that combined pre- and post-Covid periods”.
These data are determined by ‘Confidencial Imobiliário’ within the scope of SIR-Alojamento Local.
“Another indicator of the pressure of the pandemic in LA, strongly affected by the global suspension of tourist flows, is the 94% drop in Lisbon and 96% in Porto in the number of nights sold, aggravating the falls observed in April, which had been, respectively , 75% and 67% ”, underlines the said communiqué.
Those responsible for ‘Confidencial Imobiliário’ state that, “as a result of the slowdown in the occupation, RevPAR [receita por quarto disponível] decreased again in May, reaching 11 euros in Lisbon and 7 euros in Porto ”.
“These figures compare, respectively, with 15 euros and 14 euros registered in April. In the same period, RevPAR in Lisbon reached 58 euros and Porto in 44 euros ”, highlights the ‘Confidencial Imobiliário’.
In addition, “the average monthly rates for accommodation with occupancy in May, however, remained at the usual levels of the market, reaching 93 euros in Lisbon and 70 euros in Porto.
Those responsible for ‘Confidencial Imobiliário’ warn that the data obtained in the scope of the SIR-Alojamento Local for March and April have been revised with a new analysis of the booking platforms, in order to eliminate, as much as possible, the effects of reservations with non-refundable rates that have not been translated into effective occupation, as well as occupation for non-tourist purposes that may have occurred during that period. This resulted in a downward update of some indicators, including the occupancy rate.
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