report parliamentary committee draft, 3 October 2025
On the proposal for a regulation of the European Parliament and of the Council on non-financial commercial real estate statistics
Document ECON-PR-778148 · (COM(2025)0100 – C10-0046/2025 – 2025/0052(COD))
Committee on Economic and Monetary Affairs · Rapporteur: Aurore Lalucq
AI:In short
This is the rapporteur's draft report on the Commission proposal for a regulation on non-financial commercial real estate statistics. It adopts a first-reading position and tables amendments to the proposal. The amendments require Member States to run pilot studies on vacancy rates and rental yields before 1 January 2028, and add topics such as short-term rentals, prime and non-prime locations, private rental versus social housing, and residential versus non-residential property. They shorten the maximum duration of derogations for national statistical systems from three years to two, require quarterly transmission of data, and move the application date to 30 June 2026. They also require the Commission to consult the European Central Bank when preparing delegated and implementing acts in its fields of competence.
Position. The rapporteur welcomes the Commission proposal to fill the gap in non-financial commercial real estate statistics for macro-prudential purposes and systemic risk monitoring. She supports pilot studies on rental yield indices and vacancy rates, consultation of the European Central Bank on delegated and implementing acts, and gradual adaptation by national statistical institutes.
Key points
- Parliament adopts its position at first reading on the proposed regulation on non-financial commercial real estate statistics.
- The Commission must refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal.
- A new citation refers to the opinion of the European Central Bank.
- Pilot studies on vacancy rates and rental yields, carried out by Member States, should be launched before 1 January 2028, with priority given to data on short-term rental and its impact on commercial real estate.
- A new recital states that the Multiannual Financial Framework 2028-2034 includes the Single Market and Customs Programme, which finances official European statistics including non-financial commercial real estate statistics.
- The Commission should consult the European Central Bank when preparing delegated acts amending the list of variables in Annex I.
- Derogations for major adaptations to a national statistical system are limited to a maximum of two years instead of three.
- Member States must compile and transmit data to the Commission (Eurostat) on a quarterly basis.
- By 1 January 2028, the Commission (Eurostat) must launch pilot studies on vacancy rates and rental yields in commercial real estate, to be conducted by Member States.
- Pilot studies carried out by Member States on a voluntary basis may cover short-term rentals, prime and non-prime locations, the distinction between private rental and social housing, and the distinction between residential and non-residential commercial real estate.
- The Commission must consult the European Central Bank in a timely manner on all delegated and implementing acts falling within its fields of competence.
- The regulation shall apply from 30 June 2026 instead of 1 January 2026.
Who is affected
- Member States, which must compile and transmit quarterly data and carry out pilot studies.
- The Commission (Eurostat), which launches pilot studies and adopts delegated and implementing acts.
- The European Central Bank, which must be consulted on delegated and implementing acts in its fields of competence.
- National statistical systems, which may receive temporary derogations of up to two years for major adaptations.
Figures and deadlines
- 1 January 2028: deadline for launching pilot studies on vacancy rates and rental yields.
- two years: maximum duration of derogations for national statistical systems.
- 30 June 2026: date from which the regulation applies.
Legal basis. Article 294(2) and Article 338(1) of the Treaty on the Functioning of the European Union.
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| Symbols for procedures |
| * Consultation procedure *** Consent procedure ***I Ordinary legislative procedure (first reading) ***II Ordinary legislative procedure (second reading) ***III Ordinary legislative procedure (third reading) (The type of procedure depends on the legal basis proposed by the draft act.) |
| Amendments to a draft act |
| Amendments by Parliament set out in two columns Deletions are indicated in bold italics in the left-hand column. Replacements are indicated in bold italics in both columns. New text is indicated in bold italics in the right-hand column. The first and second lines of the header of each amendment identify the relevant part of the draft act under consideration. If an amendment pertains to an existing act that the draft act is seeking to amend, the amendment heading includes a third line identifying the existing act and a fourth line identifying the provision in that act that Parliament wishes to amend. Amendments by Parliament in the form of a consolidated text New text is highlighted in bold italics. Deletions are indicated using either the ▌symbol or strikeout. Replacements are indicated by highlighting the new text in bold italics and by deleting or striking out the text that has been replaced. By way of exception, purely technical changes made by the drafting departments in preparing the final text are not highlighted. |
Draft european parliament legislative resolution 91 paragraphs
on the proposal for a regulation of the European Parliament and of the Council on non-financial commercial real estate statistics
(COM(2025)0100 – C10-0046/2025 – 2025/0052(COD))
(Ordinary legislative procedure: first reading)
The European Parliament,
–having regard to the Commission proposal to Parliament and the Council (COM(2025)0100),
–having regard to Article 294(2) and Article 338(1) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10-0046/2025),
–having regard to Article 294(3) of the Treaty on the Functioning of the European Union,
–having regard to the opinion of the European Central Bank of 2 September 20251,
–having regard to Rule 60 of its Rules of Procedure,
–having regard to the report of the Committee on Economic and Monetary Affairs (A10-0000/2025),
1.Adopts its position at first reading hereinafter set out;
2.Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;
3.Instructs its President to forward its position to the Council, the Commission and the national parliaments.
Amendment 1
Proposal for a regulation
Citation 3 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| Having regard to the opinion of the European Central Bank1a, | |
| 1a OJ C... |
Or. en
Amendment 2
Proposal for a regulation
Recital 14
| Text proposed by the Commission | Amendment |
|---|---|
| (14) Where new data requirements or improvements to data sets covered by this Regulation are needed, pilot studies should be launched. Member States should be able to carry out those pilot studies on a voluntary basis while ensuring country representativeness at EU level. | (14) Where new data requirements or improvements to data sets covered by this Regulation are needed in order to facilitate the effective monitoring of risks arising from the commercial real estate sector, pilot studies on vacancy rates and rental yields, to be carried out by the Member States, should be launched before 1 January 2028. Member States should be able to carry out other pilot studies on a voluntary basis while ensuring country representativeness at Union level. Priority should be given in such pilot studies to data relating to short-term rental and its impact on commercial real estate. |
Or. en
Amendment 3
Proposal for a regulation
Recital 14 a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (14 a) The Multiannual Financial Framework (MFF) 2028-2034 encompasses the Single Market and Customs Programme, as the instrument to finance Union action supporting European statistics. That programme explicitly mentions as one of its objectives the development, production and dissemination of official European statistics, including non-financial commercial real estate statistics. |
Or. en
Amendment 4
Proposal for a regulation
Recital 16
| Text proposed by the Commission | Amendment |
|---|---|
| (16) In order to take account of economic and technical developments, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission, in order to amend the list of variables set out in Annex I. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level, and that those consultations are conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making (8 ). In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. | (16) In order to take account of economic and technical developments, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission, in order to amend the list of variables set out in Annex I. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level, and that those consultations are conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making (8 ). In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. When preparing those delegated acts, the Commission should consult the European Central Bank. |
| 8 OJ L 123, 12.5.2016, p. 1. | 8 OJ L 123, 12.5.2016, p. 1. |
Or. en
Amendment 5
Proposal for a regulation
Recital 18
| Text proposed by the Commission | Amendment |
|---|---|
| (18) Where the application of this Regulation or of implementing acts adopted pursuant thereto would require major adaptations to a national statistical system of a Member State, the Commission should, in duly justified cases, be able to grant derogations to the Member State concerned. Such derogations should be temporary and granted for a maximum duration of three years. The Commission should provide support to the Member States concerned in their efforts to carry out the required adaptations to their statistical systems, in order to bring the derogations to an end as soon as possible. | (18) Where the application of this Regulation or of implementing acts adopted pursuant thereto would require major adaptations to a national statistical system of a Member State, the Commission should, in duly justified cases, be able to grant derogations to the Member State concerned. Such derogations should be temporary and granted for a maximum duration of two years. The Commission should provide support to the Member States concerned in their efforts to carry out the required adaptations to their statistical systems, in order to bring the derogations to an end as soon as possible. |
Or. en
Amendment 6
Proposal for a regulation
Article 5 – paragraph 2
| Text proposed by the Commission | Amendment |
|---|---|
| 2. Member States shall compile and transmit to the Commission (Eurostat) data relevant to each variable referred to in paragraph 1. | 2. Member States shall compile and transmit to the Commission (Eurostat), on a quarterly basis, data relevant to each variable referred to in paragraph 1. |
Or. en
(See Regulation (EU) 2019/2152- Annex II)
Justification
The European business statistics Regulation (Regulation (EU) 2019/2152) included real-estate statistics among the short-term business statistics. As mentioned in Annex II, data on real estate were reported quarterly or, optionally, monthly.
Amendment 7
Proposal for a regulation
Article 7 – paragraph -1 (new)
| Text proposed by the Commission | Amendment |
|---|---|
| -1. By 1 January 2028, the Commission (Eurostat) shall launch pilot studies on vacancy rates and rental yields in commercial real estate to be conducted by the Member States. |
Or. en
Amendment 8
Proposal for a regulation
Article 7 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Where the Commission (Eurostat) identifies a need for significant new data requirements or improvements to the data covered by this Regulation, it may launch pilot studies to be carried out by the Member States, on a voluntary basis, before any new data collection. | 1. Where the Commission (Eurostat) identifies a need for significant new data requirements or improvements to the data covered by this Regulation, it may launch pilot studies, to be carried out by the Member States, on a voluntary basis, before any new data collection. Such pilot studies may include, inter alia, the following topics: |
Or. en
Amendment 9
Proposal for a regulation
Article 7 – paragraph 1 – point a (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (a) short-term rentals and their impact on commercial real estate; |
Or. en
Amendment 10
Proposal for a regulation
Article 7 – paragraph 1 – point b (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (b) prime and non-prime locations and their impact on the rental yield; |
Or. en
Amendment 11
Proposal for a regulation
Article 7 – paragraph 1 – point c (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the distinction between the private rental sector and social housing; |
Or. en
Amendment 12
Proposal for a regulation
Article 7 – paragraph 1 – point d (new)
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the distinction between residential and non-residential commercial real estate. |
Or. en
Amendment 13
Proposal for a regulation
Article 9 – paragraph 4
| Text proposed by the Commission | Amendment |
|---|---|
| 4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. | 4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement on Better Law-Making of 13 April 2016. The Commission shall consult the European Central Bank in a timely manner on all delegated and implementing acts that fall within its fields of competence. |
Or. en
Amendment 14
Proposal for a regulation
Article 11 – paragraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| 1. Where the application of this Regulation or that of the implementing measures adopted pursuant thereto require major adaptations in a national statistical system of a Member State, the Commission may grant, by means of implementing acts, derogations to that Member State, for a maximum duration of three years. | 1. Where the application of this Regulation or that of the implementing measures adopted pursuant thereto require major adaptations in a national statistical system of a Member State, the Commission may grant, by means of implementing acts, derogations to that Member State, for a maximum duration of two years. |
Or. en
Amendment 15
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
| Text proposed by the Commission | Amendment |
|---|---|
| It shall apply from 1 January 2026. | It shall apply from 30 June 2026. |
Or. en
Explanatory statement 3 paragraphs
The rapporteur welcomes the Commission proposal for a Regulation on non-financial commercial real estate statistics in order to fill the gap of statistical information related to commercial real estate, which are necessary for macro-prudential purposes and monitoring of systemic risk.
Developments in real estate markets can have repercussions on the stability of the financial system and on the overall economy. The current low availability of official resources of non-financial statistics on real estate makes it difficult for policymakers to assess potential risks to financial stability, as most of the information comes from private organisations. The rapporteur supports the development and the production of sound statistics for non-financial commercial real estate essential for macro-prudential oversight.
The rapporteur understands the complexity of this market which make difficult to collect certain indicators but believes that pilot studies on rental yield indices and vacancy rates should be conducted by Member States in view of providing an environment to test new data sources and methodologies, allowing for careful evaluation of quality improvements of data. The rapporteur also recognises the importance of consulting the European Central Bank (ECB) when delegated and implementing acts needs to be adopted and in case these acts fall within the ECB field of competences. A gradual but efficient adaptation of the following regulation by the national statistical institutes in the Member States would improve the production of these statistics.