New Airports Good For Property Bad For The Environment
While there is no doubt that in order to even have a chance of a successful economy, let along property investment hotspot, you need to ensure that key areas have an excellent transport network in place, there are concerns that the massive increase in global airport numbers is set to impact heavily of the environment in years to come. Many are asking are the airports that stimulate economic growth being built at what cost?
When you consider that we have just witnessed the opening of Terminal 5 (T5) at Heathrow (a shambles by all accounts, but something which should prove its value in time) and are already hearing reports of plans for a second runway at Stanstead and Heathrow, news reports of at least 3 Indian airports awaiting construction (with Cochin Airport and Rajiv Ghandi Airport in Hyderabad leading the way) and plans for just under 100 new sites to open in China in the short term, are we ignoring climate change issues in order to pursue economic growth?
The sad fact is that with the advent of low cost air travel and more importantly demand for a greater choice of international travel destinations, more and more airports are opening around the world in not only commuter hubs but smaller secondary holiday resort locations. Nubricks have already reported on the positive impact plans for a new airport in Turkey, Alcochete in Portugal and a Brazil ian airport hub will have on the property markets of this locations. However whilst the in longer term we will see the local economy benefit from jobs, increased tourism revenues and the like, there is likely to be an increase in the short term damage to the environment. The real concern is that while we see the headlines about climate change and the increase in air travel, governments around the world seem to be using increased travel numbers as an excuse to raise so called “Green Taxes”. However, we never seem to see exactly how these “Green Taxes” are spent, with many experts speculating that they are being used to make up shortfalls in government budgets around the globe.
The increase in air travel is unavoidable because of the obvious prosperity it brings into local economies and in the form of interest in local property markets. We really need to find alternative fuels and engine systems for aircraft rather than just continue to tax what is a growing market – something which governments around the world are more than aware of. While we have seen recent bio-fuel air travel test flights (involving Virgin Atlantic to name one) it seems that progress is slow with less and less money available for investment. Perhaps governments around the world should be looking towards investing in more climate friendly fuels and engines, rather than using the industry as a cash cow.
