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Analysis

Porto gets better with age

With its industrial and cultural aspects, the city of Porto has managed to emerge from the shadow of Lisbon, Portugal's capital, and make a place for itself as a tourist destination.

Porto is shaped by its double heritage, industrial and cultural. The most renowned monuments of Porto, the Dom Louis I bridge or Serra do Pilar monastery, are classified as UNESCO World Heritage sites.

Porto is also a business pole with an international dimension. The city hosts the headquarters of many Portuguese firms, subsidiaries or startups: Efacec, Porto Editora, or Grupo RAR, among others, are based in Porto. Activity is also supported by two centres for higher education, the University of Porto and University of Aveiro. Porto's metropolitan area accounts for 40% of the national GDP and 50% of industrial jobs.

The volume of visitors to Porto rose significantly in recent years, notably thanks to improving transportation infrastructure. The city boasts direct flights to New York and many key European destinations, mainly through low cost companies. In 2017, Porto’s airport handled 10 million passengers, an 45% increase over the last 4 years.

In Porto, the country's second most populated metro area after Lisbon, the chain supply experienced strong growth in 2017: +7.3%.

To understand this evolution, read the full report: European Hospitality Report Portugal 2018

As in Lisbon, hotel performances are on a solid growth trend in Porto. The city recorded an 18.1% growth in its RevPAR in 2017 to €72.6 including VAT. As in 2016, the increase in annual results was driven both by strong growth in occupancy rates (+2.2 points to 77.3%) and a sharp hike in rates: +14.7% to €93.8 including tax.

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