The highest earning Airbnb operator in Iceland earned ISK 230 million last year from 46 different properties.
With only 1% of listings on Airbnb available for New Year's Eve, hosts have offered campers, caravans, tents, and cars for rent.
Only 1% of Airbnb apartments are available in Reykjavík during the end of December, and very few hotel rooms are left.
An equal number of tourists in the Reykjavík capital area may be staying in homestays such as Airbnb as in hotels.
Magnús Árni Skúlason, economist at Reykjavík Economics, states the new regulation aimed to limit Airbnb rentals has had an effect on the real estate market.