Lisbonites all notice that tourism is on the rise in Lisbon and that even just three or four years ago, there were few low season tourists whereas in 2016 it is apparent that hotels and rental apartments are in demand even in February. What perhaps has gone unnoticed is how rapid the increase in tourism in Portugal in general is occurring. Last week the National Statistics Institute reported that the number of foreign tourists visiting Portugal in 2015 rose by 10% from the previous year reaching 10.18 million visitors.
Reuters published further figures, "As economic growth accelerated to 1.5 percent last year from 0.9 percent in 2014, the number of local travellers rose by 7 percent to 7.3 million. Portugal opened more than 50 new hotels, practically all of them four- and five-star establishments, last year."
In four years, 89 out of the 97 construction licences issued for the hotel industry involved existing buildings in the capital, showing how tourism is driving Lisbon property market and the regeneration of heritage areas.
"Private entrepreneurs have also redeveloped hundreds of apartment buildings in old parts of Lisbon and other areas of Portugal to rent to tourists, helping the country’s flagging real estate industry."
This construction can be seen all over the city of Lisbon from the hot spot urban areas in Baixa-Chiado, Avenida da Liberdade to the up-and-coming areas of Amoreiras, Benfica and Mouraria, many of which provide great guaranteed rental options.