Changes from report parliamentary committee draft to plenary report

RemovedEXPLANATORY STATEMENT

AddedArticle 7 – paragraph -1 (new): -1. By 1 January 2029, the Commission (Eurostat) shall launch pilot studies on vacancy rates and rental yields in commercial real estate to be conducted by the Member States. Such studies shall include a detailed assessment of potential extra costs for both private data holders and public authorities.

RemovedThe 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.

AddedArticle 7 – paragraph 1 – subparagraph 1 a (new): Such pilot studies may include, inter alia, the following topics:

RemovedDevelopments 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.

AddedArticle 7 – paragraph 1 – point a (new): a) short-term rentals and their impact on commercial real estate;

RemovedThe 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.

AddedArticle 7 – paragraph 1 – point b (new): b) prime and non-prime locations and their impact on the rental yield;

AddedArticle 7 – paragraph 1 – point c (new): c) the distinction between residential and non-residential commercial real estate;

AddedArticle 7 – paragraph 1 – point d (new): d) the breakdown of the list of variables set out in the Annex by social housing.

AddedArticle 7 – paragraph 2: 2. Pilot studies referred to in paragraph 1 shall be carried out in order to assess the relevance and feasibility of meeting the new data requirements or improvements and shall be conducted in a way that minimises the burden on private data holders. The Commission shall, where appropriate and taking into account the findings of the pilot studies, make proposals for introducing new data requirements.

AddedArticle 9 – title: Review

AddedArticle 9 – paragraph 1: deleted

AddedArticle 9 – paragraph 1 a (new): 1a. By 31 December 2029, the Commission shall publish an assessment of the list of variables set out in the Annex, which shall also assess whether social housing distorts the monitoring of developments in the commercial real estate sector concerning financial stability, and of the need to break down variables (a) and (b) of the Annex by social housing. Where appropriate, the assessment shall be accompanied by a legislative proposal for an amendment of this Regulation.

AddedArticle 9 – paragraph 2: deleted

AddedArticle 9 – paragraph 2 a (new): 2a. By 31 December 2031, the Commission shall publish an assessment of the pilot studies set out in Article 7 . Where appropriate, the assessment shall be accompanied by a legislative proposal for an amendment of this Regulation.

AddedArticle 9 – paragraph 3: deleted

AddedArticle 9 – paragraph 4: deleted

AddedArticle 9 – paragraph 5: deleted

AddedArticle 9 – paragraph 6: deleted

AddedArticle 11 – paragraph 1: 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 four years.

AddedArticle 13 – paragraph 2 – subparagraph 1: It shall apply from 1 January 2028.