Tag Archives: lisbon

“AL” occupancy in Lisbon plummets to 5%

24 Friday Jul 2020

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The impact of the Covid19 pandemic on the Local Lodging Accommodation (“AL”) market is devastating. In May, average occupancy rates reached only 5% in Lisbon and 3% in Porto,  worsening the already low levels observed in April when Lisbon registered an average occupancy rate of 10% and Porto 11%. Despite the dramatic drop in demand, average monthly rates remained at usual levels, reaching €93 in Lisbon and €70 in Porto.

“Renda Segura” – Safe Rent Programme kicks off

02 Tuesday Jun 2020

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After months of delay, Lisbon Council is to sublet 1000 flats currently available only under Local Lodging (“AL”). With a budget of €15 million to be spent over five years, the City expects to sublet one thousand apartments currently let short-term as Local Lodging to be made available at affordable prices to Lisbon residents. Given the historic drop in “AL” bookings in the new  Coronavirus era, the programme would appear to have an uphill battle to achieve its goals.

 

97% of Golden Visas are from acquiring properties on Portugal’s coast

06 Monday Apr 2020

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The Government wants to end the granting of Golden Visas for third-country nationals purchasing real estate in the greater metropolitan areas of Lisbon and Oporto. In the seven years since its inception, the plan has barely touched the interior districts of the country. Historically, the concession of Golden Visas has accounted for just 3% of applications to the programme.

Local Lodging falls sharply nationwide

16 Monday Dec 2019

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Local Lodging is on the decline across the country with new registrations dropping by 43% when compared to the same period last year. According to data from the Local Lodging National Register, the sharpest drop occurred in Lisbon, which fell by 73%. Porto also saw the opening of new AL establishments down by almost 50%. ALEP, the Local Lodging Association of Portugal, attributes this accentuated contraction with the overall shift from a “niche activity” to a “mature enterprise”. Local Lodging represents 40% of the total overnight tourist stays in Portugal.

Local Lodging: Lisbon can accommodate 102,000 holidaymakers

31 Thursday Oct 2019

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As compared to hotels, “AL” already has twice the capacity to receive tourists in Lisbon. In the nation’s capital which has 500,000 inhabitants, Local Lodging can accommodate 102,000 holidaymakers. In March 2019, there were 18,000 “AL” units in the municipality of Lisbon, an increase of around 80% from 2008, maintaining the trend of accelerated growth of previous years. Of the 18,000 accommodations, 90% are short-term holiday let apartments (notably commercialised through Airbnb), with 9% being hostels, while hotels can accommodate less than 50,000 travellers. Since 2001, the data reveals that Lisbon has been losing inhabitants while tourist demand has been steadily increasing. In 2011, the city received 2.9 million guests. By 2017, demand almost doubled to 5.2 million (+ 83%), which represents a nearly quarter of the total holidaymaker demand received nationwide.

Owners returning to traditional rentals

15 Thursday Aug 2019

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Since the Local Lodging boom began in 2008, small property owners are returning in increasing numbers to traditional long-term rentals. Numerous factors are pushing this trend. “AL” offerings have reached glut conditions in some central urban areas. Excessive offerings and limited demand push down prices. Over the last ten years, Local Lodging enrolments in Lisbon have soared from less than 3,000 to almost 50,000. In addition, Local Lodging can prove to be demanding work. Outsourcing tasks such as cleaning, marketing and maintenance can eat into profits. In contrast, long-term rentals require only a minimum involvement on the part of landlords.

New “AL” licences in Lisbon “containment zones” limited to 5 years

03 Monday Jun 2019

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In the neighbourhoods most pressured by tourism, it will be possible to open new Local Lodging Establishments (“AL”). However, according to the rules that the capital’s municipal council wants to see approved, new registrations will be dependent on a special authorisation. “AL” licences will be valid for five years, after which they will have to be renewed. Currently, seven historical areas face restrictions.

Property sales continue to surge in Lisbon historical districts

02 Thursday May 2019

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The new regulatory restrictions implemented since October of last year have failed to slow demand for central Lisbon properties. While new Local Lodging applications dropped by 60%, foreign investors continue to seek out and buy property in historical districts as real estate sales soared by 38% over the period. While the  “AL” sector is still significant, there are clearly other factors driving the market as well.

Local Lodging: 11 registration cancellations per day

22 Monday Apr 2019

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In the past six months, almost 2,000 “AL” enrolments have been wound up. Many owners have stopped letting but failed to cancel their registrations due to capital gains tax liabilities. In the first quarter of 2019, new “AL” sign-ups fell nationally by 40% and by 60% in Lisbon. These numbers are likely to be understated. In total, the capital currently counts with 18,000 Local Lodging Establishments. Nationwide, there are approximately 83,000.  2020 could prove to be a year of mass exodus.