New Portuguese airport sparks interest of investors in real estate

The Portuguese real estate sector has said that the new Montijo airport has sparked the interest of investors in the municipality near Setúbal, but they explained that the increase in housing prices is mainly due to the proximity to Lisbon.

“It is noted that investors are looking for plots of land or houses to recover, make apartments and put up for sale. I think they are betting on Montijo because the airport is coming,” the manager of Paula Imobiliário, who has two shops in the municipality, told Lusa.

In the view of Paula Gonçalves, who has been working in the sector for over 20 years, the explanation for this increase in demand is the possibility of building the new airport at Base Aérea No. 6, between Montijo and Alcochete, because a large part of the investors are not from the region and some are foreigners.

Nuno Brioso, from the real estate company Side4You, also confirmed that there has been a greater demand for investment in warehouses, logistics and land to develop, to come to the airport and then gaining added value.

The price of houses in Montijo and Alcochete has risen more than 30% in the last two years, according to data from Statistics Portugal (INE), released in January, however, real estate agents disagree that the new airport has any influence on the cost of housing yet.

“We notice that there is a greater demand from people, but I do not think it is just the airport. Given the prices in Lisbon, people cannot get to those values and end up choosing our city, because it is close and the prices are cheaper,” explained Paula Gonçalves.

The same opinion is shared by Nuno Brioso, who acknowledged a slight increase in demand for people for housing when the news was released but stressed that the main cause for the price increase is the proximity to the country’s capital.

“The inhabitants of Lisbon were used to buying houses for €300,000 or €400,000, but now they cost between €600,000 and €700,000 and many of them can no longer afford this, so they have to come to the periphery,” he said.

According to real estate agents, in Montijo, the rent for a three-bedroom apartment costs an average of €750 per month, while the purchase is already around €250,000 to €280,000.

In the neighbouring municipality of Alcochete, there has also been an increase in demand and, according to Nuno Brioso, prices are even a little bit more expensive.

In this sense, the real estate agent admitted that house prices in the two municipalities may rise even more if the new airport is implemented in the announced location.

“The airport’s boom in demand, to come, is really when things are 100% defined, with the works already started, because until it does, I do not know if it is coming here,” he pointed out.

Even so, Nuno Brioso was positive about the benefits that the infrastructure will bring to the South Rim, such as more jobs, logistics and hotels.

On 8 January, airport regulator ANA – Aeroportos de Portugal and the state signed an agreement for the expansion of Lisbon’s airport capacity, with an investment of €1.15 billion until 2028 to increase the current Lisbon airport and transform Montijo’s airbase into a new airport.

On 30 October, the Portuguese Environment Agency issued the proposed Environmental Impact Statement for the Montijo airport and respective accesses, with the decision being conditionally favourable, which makes the project feasible.