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Read about the real estate market in the Algarve, Lisbon and Portugal. As the leading estate agents on the Algarve and in Portugal we can help you find property for sale in Portugal and find a mortgage.

Faro Airport Is Expanding!

Faro Airport Is Expanding!

A €32.8 million project to “expand and remodel” the terminal building at Faro Airport has been announced by airport operator ANA. Construction work – the majority of which will take place at night time – will begin in October and is expected to be completed by 2017.

The news came during the celebrations of the airport’s 50th anniversary on Friday (July 10).

The idea is to make the airport “bigger and better”, allowing it to cater for 30 aeroplane movements and 4,000 passengers per hour.

 

 

Alberto Mota Borges, manager of Faro Airport, said that the way things are now the airport simply is not equipped to handle the number of passengers it receives during the “high season”.

Designed to receive six million passengers per year, in 2014 this threshold was exceeded by over 100,000 and all signs are that tourist numbers are going to continue to grow.

Mr Mota Borges explained that another reason for expansion is the increasing number of low-cost airlines that are flying into Faro, bringing passengers who “tend to spend more time at the airport” due to delays and other hold-ups.

Thus, not only does the airport have to have a “larger capacity”, it also has to “offer more commercial establishments” to “keep up with modern times”.

 

Mr Mota Borges said the renovated terminal building will feature “more operational and public areas, a renovated and larger retail area, an increase in operational security and a more modern look”.

Changes will see the number of security and passport control areas increasing from 11 and eight, respectively, to 17 and 10, while the arrivals and departures lounges will also be expanded along the northern side of the building.

 

The airport will remain open throughout the reconstruction project and  Mr Mota Borges said that the whole plan has been designed to cause minimum upset.

The night time construction schedule – which is much more expensive than day-time labour – is indicative of this, he explained.

Meantime, ANA has confirmed that Portuguese construction giant Mota Engil will be in charge of the operation.

 

It follows, naturally, that the increase in visitor numbers will increase the demand for rental accommodation, and with the Pound being so strong against the Euro at the moment, it is the perfect time to buy an investment property.

A great way to realise an almost instant profit from an investment property is to purchase off plan. As off plan properties are usually sold below the full market value, they can realise around 10% profit just on completion. Add to this the fact that you usually have a say in the finishings, and fixtures and fittings, you end up with a fantastically finished, brand new and extremely rentable property, that will bring in a great income for years to come.

 

These beautiful apartments are being built right on the front of the beautiful Porto De Mos beach in Lagos and start fromonly €295,000

 

These luxury apartments are also in the Porto De Mos area of Lagos and start from only €190,000

 

This fantastic contemporary villa is situated on a plot in the village of Pera, just a short walk to the village, beach and natyre reserve. The completed price is only €750,000.

 

For more information please contact the team at Ideal Homes on UK Freephone 0800 133 7644 or (00351) 289 513 434, email us info@idealhomesportugal.com or visit the website www.idealhomesportugal.com

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