Wohnungsknappheit in Liechtenstein?

The report “Wohnungsknappheit in Liechtenstein?” is produced by Stiftung Zukunft.li, a Swiss‑based think‑tank focused on forward‑looking social and economic research. The study was published in March 2023 and draws on OECD surveys, national statistics and the foundation’s own analysis of housing trends in Liechtenstein and the wider Alpine region. It aims to inform policy makers, urban planners and citizens about the current state of housing supply, demand and affordability, with particular relevance for sustainable development strategies across Europe.

Liechtenstein, despite its small size, faces a rising demand for housing driven by population growth and a shift toward one‑ and two‑person households, which now account for roughly 70 % of the population. Residents occupy an average of 55 m² per capita – about 18 % more than the Swiss average – and the per‑capita living space is 12 % higher than in 2000. These trends echo broader European patterns where household fragmentation and urbanisation increase pressure on limited land resources.

While demand climbs, the supply side shows mixed signals. Historical construction activity has slowed, limiting the addition of new dwellings. Nevertheless, recent years have seen a modest increase in building output, partially offsetting the gap between demand and supply. The report notes that the overall vacancy rate in Liechtenstein stands at 4 %, a figure that, although high compared with regional norms, largely reflects unoccupied units that are not suited to market preferences rather than a true shortage of desirable housing.

From 2010 to 2020, average rents rose by approximately 6 %, a modest increase relative to many European capitals. Concurrently, household incomes grew at a faster pace, meaning that overall housing affordability has not deteriorated markedly. The study highlights that while rent inflation is present, it has not yet translated into a widespread affordability crisis, partly due to strong income growth and prudent fiscal policies.

The primary indicator used to gauge housing scarcity is the vacancy rate. In Liechtenstein, the 4 % vacancy figure is high in a comparative sense, yet the report cautions that this metric does not capture the scarcity of high‑quality or centrally located units. Many vacant properties are deemed unsuitable by prospective tenants, suggesting that the market faces a mismatch between supply characteristics and consumer demand rather than a pure quantitative deficit.

The authors argue that market‑based mechanisms generally perform better at balancing supply and demand than extensive state interventions, which can sometimes exacerbate shortages. For a pan‑European audience focused on sustainability, the report underscores the importance of encouraging efficient land use, promoting higher‑density developments, and integrating energy‑efficient building standards to meet growing housing needs without expanding the ecological footprint.

While current data allow for a cautiously optimistic view—rent growth is manageable and income levels are rising—the report warns that future developments remain uncertain. Factors such as rising interest rates, energy price volatility and potential regulatory changes could alter the trajectory of housing markets in Liechtenstein and similar micro‑states. Continuous monitoring and adaptive policy frameworks are recommended to ensure that housing remains affordable, sustainable and aligned with broader European environmental goals.