New Montijo Airport Sparks Interest from Overseas Property Investors

A new airport planned for Montijo is sparking interest from overseas property investors, according to the Portuguese real estate sector.

Increased interest in being shown in the municipality near Setúbal, close to the proposed airport at Montijo.

Overseas property investors are also attracted by the close proximity to Lisbon, without the inflated property prices.

‘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,’ said the manager of Paula Imobiliário, who has two shops in the municipality.

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 many are foreigners.

The price of property in Montijo and Alcochete has risen more than 30 per cent in the last two years, according to data from Statistics Portugal (INE), released in January, however, some 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.

Nuno Brioso agreed, saying: ‘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.’

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.