Tourists spent more than €25 billion in Portugal in 2023, setting a new record for revenue, according to the Portuguese Secretary of State for Tourism, Trade and Services, Nuno Fazenda.

“It was the best year in the history of tourism in Portugal,” said Fazenda to the Portuguese press last week. “In 2024, we're going to grow even more than in 2023.”

Thanks to tourists from the UK (the most significant group of visitors), but also France, Spain and Germany, tourism revenue increased from €21.1 billion in 2022 to more than €25 billion in 2023.

With an increasing number of travellers from markets such as the US and Brazil, Portugal welcomed more than 30 million guests and 77 million overnight stays (up 10.5% from last year) in 2023, said the Secretary of State.

The comments were made during a public session of the national tourism board, Turismo de Portugal, where the government also announced a new campaign. “It's not tourism. It's Futourism” aims to promote sustainable tourism that benefits local communities year-round.

The record number of visitors travelling to Portugal and the many international routes from the Algarve has made buying to rent a consistently popular investment option for overseas buyers, although recent limitations to short-term rentals should be kept in mind.

For expert local advice on investing in property or making the Algarve your second home, drop us a message at Algarve Home Sales.