TOKYO >> Applications for the post-Games ownership of condominium units used as the Olympic Village during the 2020 Tokyo Olympics and Paralympics will be accepted starting late July.
The condominiums, located in Tokyo’s Harumi area, will be renovated as ordinary apartment buildings after the 2020 Games. Sales prices will range from 50 million yen to more than 100 million yen (about $466,000 to $932,000).
Because these units were built with the comfort of Olympic athletes in mind, they were designed with somewhat larger spaces than in a typical Tokyo apartment. The condos will be sold by a group of major real estate companies in phases.
The athletes’ village will be converted to a town complex, dubbed Harumi Flag, consisting of 24 buildings, including two high-rises as tall as 50 stories. They contain a total of 5,632 condos, including the 4,145 to be sold.
With the exception of high-rise units, condos in Harumi Flag are as large as about 84 square meters (about 904 square feet). This is about 20% larger than an ordinary unit.
The units also have higher ceilings to accommodate tall athletes comfortably, and passages and hallways wider than that of an ordinary condominium complex.
According to Real Estate Economic Institute Co., a total of 15,452 newly built condominium units were marketed in fiscal 2018 in Tokyo’s 23 wards. The units at Harumi Flag could comprise as much one-fourth of the total units on the market when they go on sale, and one real estate official said the inventory may affect condo prices, largely in coastal areas.