At both international and domestic levels, infrastructure is becoming an increasingly important factor—particularly its resilience to the climate crisis, energy pressures, and rising economic risks. In modern cities, infrastructure is no longer limited to roads, utilities, and transportation networks. It also encompasses safety mechanisms, adaptation measures, and long-term sustainability solutions, which act as a “shield” for economic stability and the value of assets. International organizations agree that infrastructure resilience is now a key criterion for investment security. The OECD notes that cities investing in climate-resilient infrastructure significantly reduce long-term economic risk and protect the value of their real estate.
Real Estate at the Forefront of Climate Risk
The real estate sector is at the frontline of this transition. According to analyses by the World Bank, real estate represents the largest wealth stock in most developed economies but is also one of the most exposed sectors to climate risks: floods, heatwaves, energy insecurity, and infrastructure disruptions. Areas lacking adequate adaptation infrastructure face higher investment risk, greater price volatility, and lower appeal for long-term capital. In contrast, cities that invest in resilient networks and sustainable solutions enhance both the stability and durability of returns.
Urban Regeneration: From Aesthetic Upgrade to Economic Strategy
Globally, urban regeneration is increasingly treated as complex infrastructure projects rather than merely aesthetic interventions. The European Investment Bank emphasizes that projects incorporating green infrastructure, sustainable solutions, and resilience deliver multiplier benefits—both for property value and the overall functionality of cities.
The Greek context confirms this link. Studies by the Foundation for Economic & Industrial Research (IOBE) show that investments in public works and urban projects act as a key driver of economic activity and a stabilizing factor in the real estate market. Project maturity, design quality, and execution reliability directly influence the attractiveness of areas and the sustainability of investments.
Infrastructure as a Mechanism for Protection and Competitiveness
In this context, the role of infrastructure is being redefined. As noted by Konstantinos Makedos, President of the Technical Chamber of Greece (TMEDE), infrastructure is not merely technical work. It serves as a protection mechanism against climate crises, extreme weather, supply chain disruptions, international competition, and energy uncertainty. At the same time, infrastructure functions as a tool for productivity, sustainability, and economic strength, shielding national competitiveness and creating a more attractive investment environment.
Climate Risk and Financial Stability
Climate risk now has a clear financial dimension. The Bank for International Settlements and the Central Banks and Supervisors Network for Greening the Financial System (NGFS) highlight that physical risks translate directly into financial risk, affecting property values, bank collateral, and market stability. Athens serves as a case study of a city at the forefront of these pressures. The Athens Climate Action Plan emphasizes that investments in resilient infrastructure not only have a preventive function but also deliver clear economic returns: for every euro invested in adaptation measures, up to six euros can be saved in future restoration costs.
The Real Challenge for Greek Cities
The conclusion is clear: infrastructure does more than increase property value—it determines whether that value will endure over time. In an environment of climate uncertainty and rising investment pressures, cities that strategically invest in resilient infrastructure, technology, digitization, and institutional collaboration are the ones that will remain sustainable, functional, and attractive to residents and investors alike.