The Governor of the Bank of Greece, Yannis Stournaras, highlighted Athens’ pivotal role in the Greek economy — along with the challenges created by its strong growth momentum — during his speech at the conference “Dialogues on Athens: From Myth to the Modern City,” organized by the newspaper To Vima at the National and Kapodistrian University of Athens. As he noted, the capital is today the country’s most important economic hub, with Attica generating nearly half of national Gross Value Added.
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Stournaras: Strong tourism growth and mounting pressure on the real estate market
The economic footprint of Athens is remarkably strong. Attica boasts the highest GDP per capita in Greece — nearly €30,000 compared to the national average of €21,000 — accounts for approximately one-third of gross fixed capital investment, and represents close to 40% of total national employment. The capital’s economy is underpinned by a broad range of tertiary sector activities, spanning trade, transportation and hospitality through to financial services and real estate management.
Tourism’s contribution is particularly significant. In 2025, Attica was the most visited region in Greece, with travel receipts up 125.3% compared to 2019 and tourist arrivals up 63.8%. Attica’s share of total travel receipts rose from 14.7% in 2019 to 25.8% in 2025. This growth supports a wide business ecosystem — from hotels and restaurants to retail, transportation, culture, and the real estate market.
Athens’ success is now generating significant pressure
However, Stournaras stressed that Athens’ very success is now generating significant strain. The concentration of population, investment, businesses, and visitors is driving up demand for housing, transportation, energy, and infrastructure. The real estate market is a telling example: apartment prices rose by 6.6% in 2025, while the annual increase reached 5% in the second quarter of 2026. Although this reflects the city’s investment dynamism, it is intensifying the affordable housing crisis for young people and low-to-middle-income households.
According to the Bank of Greece Governor, the housing issue is not merely a social concern. When housing costs rise faster than incomes, labor mobility is constrained, businesses struggle to attract workers, and the overall cost of living increases. In the same vein, traffic congestion weighs on productivity, translating into lost working hours, higher commuting costs, and greater energy consumption.
The answer lies in a new wave of investment in metropolitan infrastructure — from the metro and suburban rail to public transport, digital and energy infrastructure, flood prevention works, and urban green spaces. Alongside this, measures to increase housing supply are urgently needed.
The broader challenge, however, extends well beyond Athens itself. Stournaras emphasized that the capital must act as a catalyst for the productive transformation of the entire country — through greater innovation, high-value-added investment, and stronger connections with the regions. The goal is not a thriving Athens alongside a weakened periphery, but a competitive metropolis that serves as a lever for a more productive and outward-looking Greece.
