Loulé Câmara president, Seruca Emídio has said that Swedish furniture giant IKEA has bought land in the council.
Seruca Emídio told Lusa news agency that “IKEA has already bought land and it is in Loulé.”
A spokesman for IKEA said: “There is the objective to open a shop in the south of the country, but nothing has yet been finalised, the process is ongoing.”
IKEA is due to invest around 60 million euros in the store, an amount similar to what the company has spent on other shops built in Portugal to date.
By 2015, IKEA are planning to invest around 700 million euros in Portugal, with the opening of seven stores across the country including in Alfragide, central Portugal and Matosinhos in northern Portugal.