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There are approximately 2,100 Local Lodging Units in Madeira, corresponding to about 8,500 beds. There has been significant growth in this type of holiday offering, with 430 new registrations in just the past five months. Despite its strong position in the local tourist market, Local Lodging is not perceived to be a threat to Madeira hotels which continue to perform better than ever in recent years.
According to data from the National Statistics Institute (INE), holidaymakers spent more than €23 billion in Portugal in 2016. Over 28 million visitors entered the country. The number of overnight stays exceeded 144 million. Tourism is growing four times faster than the rest of the Portuguese economy and represents 7% of the gross domestic product.
In the first quarter of 2016, the French buyers surpassed the English and Chinese for the first time in the real estate purchases. This trend further consolidates the growth experienced in recent years. Overall, foreign investment represents 20% of property purchases in Portugal.
Airbnb, the world’s largest network of reserves in private homes, currently has 26,700 offerings in Portugal with over 10,000 in Lisbon alone. The San Francisco based internet operator reports annual growth of 65% in 2015 as compared to last year.