No. However you can pass the properties file in and read from it at runtime.
<context-param>
<param-name>propfile</param-name>
<param-value>myprop.properties</param-value>
</context-param>
It is then trivial to load the property at runtime if you have access to the servlet.
Properties properties = new Properties();
GenericServlet theServlet = ...;
String propertyFileName = theServlet.getInitParameter("propfile");
properties.load(getClass().getClassLoader().getResourceAsStream(propertyFileName));
Object myProperty = properties.get("myProperty");
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