Circular CSSF 26/908 is a CSSF circular, published 25 March 2026. Subject: Amendment of Circular CSSF 18/703 on the introduction of a semi-annual reporting of borrower related residential real estate indicators.
\nRelevant for: Credit institutions.
\nKeywords: Macroprudential instrument, Real estate market.
\nAmends Circular CSSF 18/703.
\nLuxembourg, 25 March 2026
\nLadies and Gentlemen, The objective of this circular is to modify Circular CSSF 18/703 as amended by Circular CSSF 20/737 and 21/772. To facilitate reading, changes are presented in the Annex in a ‘track changes’ format. The amendments primarily concern the treatment of rental income in the calculation of borrower income, updates to regulatory references, and revisions to reporting processes and submission channels. This circular is applicable as of its publication date.
\nAnnex
\nCircular CSSF 18/703 as amended by Circulars CSSF 20/737, CSSF 21/772 and CSSF 26/908
\nIntroduction of a semi-annual reporting of borrower related residential real estate indicators
\nCircular CSSF 18/703 as amended by Circulars CSSF 20/737, CSSF 21/772 and CSSF 26/908
\nIntroduction of a semi-annual reporting of borrower related residential real estate indicators To all lenders in residential real estate
\nLuxembourg, 17 December 2018
\nLadies and Gentlemen, The objective of this circular is to introduce a macroprudential risk monitoring framework for the residential real estate sector in Luxembourg which is based on a recommendation by the European Systemic Risk Board (ESRB/2016/14 Recommendation of the European Systemic Risk Board of 31 October 2016 on closing real estate data gaps as amended by ESRB/2019/3– hereinafter “the ESRB recommendation”). The reporting aims at collecting indicators on lending standards in the residential real estate (RRE) market1. The circular introduces definitions of these indicators that are collected via a dedicated template available on the CSSF website.
\nPlease note that the recommendation ESRB 2016/14 as amended by ESRB/2019/3 also covers data gaps regarding commercial real estate (CRE) lending. CRE data is not covered by this circular.
\nCIRCULAR CSSF 18/703 as amended by Circulars CSSF 20/737, CSSF 21/772 and CSSF 26/908
\nScope The scope of the data collection refers to loans taken for the purpose of purchasing residential real estate in Luxembourg, and that are secured by real estate collateral located in Luxembourg 2. Residential real estate includes existing dwellings, dwellings to be built (as per contract) or land that can be used for the construction of residential real estate dwellings. Loans that are granted to a legal entity should not be included in the reporting. This implies that loans granted indirectly to natural persons for investment purposes through ‘Société civile immobilières’ or SOPARFIs are excluded from the reporting. It should be noted that real estate credit provided to such entities falls under the scope of commercial real estate (CRE), and related indicators are part of a dedicated reporting, and in the AnaCredit reporting.
\nProcess This circular specifies the residential real estate data that will be collected through a dedicated RRE data template. The data will be collected by the CSSF semi-annually in the months of April and October each year. The reference date for the data collection will be the 31st of December and the 30th of June respectively. The template specifying the data to be reported can be found on the CSSF website. Lenders that are active in the residential real estate sector are expected to be able to produce the requested data at a semi-annual frequency.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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