"From a commercial standpoint, airports are seen as vital strategic infrastructure, facilitating the flow of goods and people. Property in and around hub airports is valued highly and, with restricted supply and burgeoning demand, looks to retain that status. However, not everything in the garden is rosy. The main hubs are heavily congested and will get worse, leaving the way open for second-tier airports to become much more competitive over the next decade. Meanwhile environmental pressure threatens to stall any increases in capacity. This paper looks at the spatial implications for development of real estate and value around European airports over the next ten years and proposes a new airports index that includes property alongside costs and indicators of relative congestion.""