On September 10, 2024, the Federal Statistical Office released a report on the current vacancy rate in Switzerland.
Switzerland’s housing market continues to face a significant shortage of vacant homes. As of June 1, 2024, there were 51,974 unoccupied residences across the country, making up just 1.08% of the total housing stock. This marks the fourth year in a row that the number of vacant homes has dropped, with 2,791 fewer available units than the previous year, a 5.1% decrease. This steady decline is primarily driven by a reduced supply of rental properties, exacerbating the already tight housing market.
The fourth consecutive year of decline in vacancy rates
Over the past year, the vacancy rate in Switzerland decreased by 0.07 percentage points, from 1.15% in 2023 to 1.08% in 2024. While the decline is less steep than in previous years (which saw decreases of between -0.16 and -0.23 percentage points), it still highlights the ongoing imbalance between housing supply and demand.
By June 1, 2024, six out of Switzerland’s seven major regions reported a reduction in vacant properties. The most notable decline occurred in Northwestern Switzerland, where the vacancy rate dropped from 1.22% to 1.06%. Zurich was the only region that bucked this trend, with its vacancy rate rising slightly from 0.53% to 0.56%.
Fewer vacant rental properties, more vacant homes for sale
A key factor contributing to the housing challenge is the continuous drop in the number of vacant rental units. As of June 1, 2024, there were 40,423 available rental properties, a reduction of 3,790 units (-8.6%) compared to the previous year. Although the decrease in available rentals has slowed compared to previous years, demand still far exceeds supply, particularly in the rental market.
Conversely, the number of homes available for purchase has risen, with 11,551 homes on the market, reflecting a 9.5% increase (+999 units) from the previous year.
New construction,single-family homes and larger apartments
Among the vacant homes, the number of newly built ones has increased. The same has happened with single-family homes and larger homes such as five-room apartments. One reason could be that new and larger homes tend to be more expensive. In the current inflationary environment, the Swiss population might choose older homes or lower their expectations by opting for smaller properties.
The ongoing decrease in vacant properties and the rising pressure on rents suggest that the moving rate in 2024 and the near future may not increase. This situation underscores the need for effective housing policies to address the demands of Switzerland’s growing population.
