Montijo Airport Decision Spurs Real Estate Demand
The Portuguese government's decision to build a new airport has already led to a substantial increase in demand for properties in Alcochete and Samora Correia, according to local real estate agencies,
"Our phones haven't stopped ringing. Clients with land we had valued at a certain price now want to double it," reported a representative from a real estate agency in Samora Correia, in the municipality of Benavente. Currently, an apartment in Samora Correia costs around 200,000 euros, and a house over 400,000 euros. Prices are expected to rise even more due to the proximity to Lisbon and the future airport, a report from Agência Lusa reveals.
On Tuesday, the government announced the construction of the new airport to replace Humberto Delgado Airport in Lisbon, at the Campo de Tiro da Força Aérea, also known as Campo de Tiro de Alcochete. This site is mainly located in the parish of Samora Correia, with a small part in Canha, in the municipality of Montijo.
Industry experts predict increased demand in Montijo, Alcochete, and Setúbal following the Portuguese government's announcement. Photo credit: Câmara Municipal do Montijo
In the municipalities of Montijo and Alcochete, property prices are already high, but an increase in demand is anticipated, according to industry operators. "For builders and landowners, the expectation is that demand will increase even more, but in recent years, supply has been less than demand," noted a local real estate expert.
In Alcochete, where a new apartment can cost more than 450,000 euros and a detached house around 1.2 million euros, another real estate professional believes that prices are already very high and that the airport announcement will not significantly impact prices. However, large construction companies are already seeking land in the region for future projects.
The vice president of a national real estate association stated that the construction of the new airport and the high-speed train will attract significant interest to the region and boost the real estate market. "It will be a new real estate center, similar to Expo98. Around the airport, a new city is expected to develop over the coming decades," he commented, cautioning that potential obstacles could delay the construction.
According to the government led by the Social Democrat party, the new Luís de Camões Airport is expected to be completed within 10 years, following the recommendation of the Independent Technical Commission responsible for the strategic environmental assessment.
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