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Epidemic, Reykjavik, Economics, Hotels, Iceland, Demand

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Hotels in Reykjavik raise the price again

Hotels in Reykjavik are starting to raise their prices again and the increase was considerably greater in May than in the capitals of the other Nordic countries. Despite the fact that prices are beginning to rise in Iceland, they are still low in historical terms.

This is stated in Hagsja, Landsbankinn’s economics department.

“The price list of hotels in Reykjavik has started to rise again when looking at pricing in euros. The average price per room was 97.9 euros per night in Reykjavik in May, compared to 56.5 euros last year, “says Hagsjann.

46% higher price than last year

The price per night is therefore about 46% higher in May this year than last year. This is the second month in a row that the price has risen on an annual basis, but the price increase in April was 21.3%.

“During the period from March last year to the same month this year, a steady fall in prices had been observed on a 12-month basis. During that period, the decrease was greatest in May last year, when the price decreased by 52.5%, “says Hagsjann.

It states that the price increase reflects increased demand for hotel accommodation in Reykjavik and that it can be assumed that the price will continue to rise in the coming months if price increases are taken into account on an annual basis.

“Despite this price increase, the price is still low compared to the same month in the years before the epidemic. Thus, the price now in May was 31% lower than in May 2019 and 41% lower than in May 2018. You have to go back to 2011 to find lower prices in May than in May this year, “says Hagsjann.

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Stories under this byline are written/directed/published by the staff and editorial board of MegaloPreneur magazine. Some of the MegaloPreneur journalists may also be involved in investigating and finding facts.

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