Property Sector Strategy Evaluation

The EBRD’s 2010 Property Strategy was strongly shaped by the financial crisis of 2008, which hit the Property and Tourism sector (P&T) particularly hard. “Crisis response” was an immediate and dominant operational priority.  Longer-term, the Strategy’s objectives were limited to a demonstration of energy efficiency in buildings, “institution building” and an increased emphasis on projects in less advanced countries and secondary cities. During the Strategy period (2010-2017) the Bank financed 65 P&T projects for €1.18 billion, broadly unchanged from under the previous strategy; sub-sectoral and country composition of operations were also similar, albeit with sharply lower post-crisis investments into property funds.