When investors purchase apartments off the plan (and it is almost exclusively investors to which the marketing is directed), they are making a financial commitment the wisdom of which may not become apparent for 18 months or so.
I will illustrate this using takeaways from the two supervisory exercises conducted by the ECB in 2022: a climate stress test and thematic review of C&E risks. Jointly, these exercises gave us a full picture of how banks are performing relative to our supervisory expectations. On aggregate the results are mixed.