Worsening Housing Crisis: Location Revealed in Switzerland
Switzerland Sees Continued Drop in Housing Vacancy Rates
Switzerland has experienced a fifth consecutive year of falling vacancy rates in its housing market, according to recent data. The sharpest increases in housing shortage have been reported in the cantons of Geneva (0.34% vacancy rate), Zug, and Zurich (0.48%).
A total of 15 cantons now have vacancy rates below 1%, indicating a severe housing shortage. In contrast, Jura and Solothurn have the highest vacancy rates at 3.03% and 2.05% respectively, but these figures represent an increase, particularly in Geneva, Zug, and Zurich where demand is highest.
The decrease in vacant homes is evident in the numbers. There were 3,519 fewer vacant homes in Switzerland compared to a year earlier, representing a drop of 6.8%. The number of unoccupied single-family homes offered for sale decreased slightly by 0.4%, while the number of vacant new-build flats advertised for long-term rent or sale fell by 6% to 3,959 units.
As of June 1st, 2021, the total number of vacant homes in Switzerland stood at 48,455, which is less than 1% of the country's total housing stock.
In an effort to alleviate the housing shortage, Zurich is building 122 new apartments to provide affordable rental accommodations. These apartments are scheduled to be ready for occupancy next summer. Anyone interested can apply online for the affordable housing project in Zurich, with the deadline being September 25th.
The project, which will provide housing for around 360 people in total, is just one of many initiatives aimed at addressing the housing shortage. Geneva, too, is taking steps to address the issue, with plans to build more affordable housing units.
Across Switzerland's major regions, housing availability tightened further in June compared to the previous year. The steepest declines in vacancy rates were recorded in the Ticino region and the Lake Geneva region.
For those seeking affordable housing, rent for a four-room apartment in the project in Zurich is set to cost 1,850 francs per month, and a three-room one will cost 1,590 francs. While these prices may seem high, they represent a step towards addressing the housing shortage and making housing more accessible for all.
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