It is understood that an IKEA store may be built between Faro and Loulé in the next couple of year's.
In the meantime, your nearest Ikeas are:
Castilleja de la Cuesta (2 km south of Sevilla on the Huelva to Sevilla road) - Autovía Sevilla-Huelva A49 (About 1hr. 45min from Albufeira)
See: http://bit.ly/9Qc3E0
Alfragide - Lisbon
See: http://bit.ly/bN2Rd5