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Iceland tourism business? So hot right now...

Healy Consultants Group PLC
26 February, 2016

Our reader possibly thinks that Iceland, as the name suggests, is a cold and barren isle in the north, but the reality is very different. It turns out the tourism sector in this North European country is booming and free rooms are hard to find nowadays. Some 1.3 million tourists arrived at Iceland's airports and ports last year – up almost 30% on 2014. This is almost 291,000 more foreign visitors that made their way to Iceland last year compared to figures for 2014.

According to Airbnb, in Reykjavik alone there are almost 4000 advertisements requesting accommodation, significantly up from 1700 in 2015, which means there was almost 125% increase in both supply and demand for the Icelandic tourism industry.

This increased interest did not go unnoticed by EU business and now several hotels are in development in the town of Stykkishólmur in the west and in Sauðárkókur in the north. The chain hotel brand Hring (Ring) are also increasing their exposure by making almost 100 more rooms  available in both towns.

However, not everything is bright for Iceland's tourism sector. A possible "Brexit" will lead to fall of the value of the pound according to leading economist Jón Bjarki Bentsson of Íslandsbanki. At least the British are not the most prominent group of tourists in Iceland. The Germans are in fact the most dominant tourist when it comes to travelling to Iceland they typically take the ferry. 45.8% of all passengers arriving on the MS Norröna ferry terminal in 2015 were from Germany, way ahead of second-placed Denmark (10.4%).

Tags: Euro

About the Author

Healy Consultants Group PLC

Since 2003, Healy Consultants assists international Clients with company incorporation services worldwide. Our services include: company registration, opening of corporate bank account, accounting and tax services, legal services, jurisdiction comparisons...more.

To inquire more information about global business set up; call us on +65 6735 0120 or email us at email@healyconsultants.com


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