Let the games begin: Demand rises for condos at Tokyo Olympic Village

Low prices are piquing interest, despite 5.5K-unit complex’s distance from public transit

National Weekend Edition /
Aug.August 15, 2021 12:00 PM
Olympic Village (Getty)

Olympic Village (Getty)

The Tokyo 2020 Olympic Games may have concluded but competition is getting fierce among potential homebuyers looking for the more than 5,500 condo units at the former Olympic Village.

Sales at the renamed Harumi Flag complex relaunched in June after pandemic-related delays last year, according to Bloomberg. Viewings are scheduled to start later this month. Move-ins were pushed back more than a year to March 2024, prompting some condo buyers to request compensation.

Around 5,000 requests for information were received by the Village’s 10 developers while sales were paused, according to the report. Before that pause, around 2,200 requests for information had been submitted last year.

The former Olympic Village is built on reclaimed land in Tokyo Bay called Harumi. While Harumi is close to the Ginza shopping district, it’s farther from public transit than Tokyo’s other residential areas.

That inconvenience means units are more affordable — the average price for condos in Tokyo’s central districts was up 11 percent year-over-year in June, to $830,000.

Meanwhile, the average unit at the former Olympic Village is about $515,000, according to the report.

[Bloomberg] — Dennis Lynch





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