AL: Demand Skyrockets in Porto for New Year's Eve

As the New Year's Eve approaches, Porto stands out as the most sought-after destination in mainland Portugal. The median sale price for New Year's Eve 2023 is 27% higher than in 2022, surpassing the historical record set in 2019.

Driven by a trend in international tourism, which accounts for four out of every five bookings, the most prominent nationalities in terms of overnight stays for the New Year's Eve event are Spanish, French, and German, leading to an average price increase of 92% compared to the prices for the rest of December.

Higher-end apartments, particularly three-bedroom ones, are showing the highest occupancy rate (84% as of today), with demand focusing on amenities like balconies, terraces, and river views. These features attract a high-end market segment, resulting in an increased price per day.

In the greater Porto region, according to forecast data from Host Wise combined with the market data tool PriceLabs, the overall occupancy projection for Porto stands at 82.6%, with an average price of €174.23 per night.

Diogo Cardoso, a specialist in Revenue Management, accounts for an occupancy rate above 90% and an average price of €207.4 in the Host Wise portfolio. This is attributed to a strategy of early sales and diversification of international promotion channels.

Peripheral areas, such as Matosinhos, Gaia, and Póvoa, are also recording occupancies above 60% and high demand, confirming the geographical expansion of tourist demand at the national level.