Key Market Indicators
By 2028, the number of available hotel rooms in Estonia is projected to reach approximately 18,000, up from the current figure of around 17,000 in 2023. This represents a compound annual growth rate (CAGR) of 0.9%. Since 1998, Estonia's hotel room supply has been growing at an average annual rate of 1.1%. As of 2023, Estonia holds the 29th position globally, with Iceland just ahead, also with about 17,000 rooms. The leading countries in this ranking are Germany, Spain, and France, occupying the second, third, and fourth spots, respectively. In terms of hotel occupancy levels, Estonia saw a decline towards the end of 2021. The occupancy rate dropped to nearly 38% in November 2021, down from 45% in October of the same year. This decline is notable when compared to the previous year's figures.
