Flat panic: Olympic village was meant to become luxury pads. Now ...

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Flat panic: Olympic village was meant to become luxury pads. Now what?

The idea was to repurpose the flats, but the postponement has pitched buyers into uncertainty

AFP

Hundreds of luxury flats overlooking Tokyo Bay that were due to be converted from the athletes’ village have already been sold – just one of the many headaches caused by the historic postponement of the Tokyo Olympics.

Touted by developers as a “flagship neighbourhood for urban lifestyles”, the buildings housing the 11,000 competitors were to be hastily repurposed into more than 4,000 condos with stunning city views, some carrying a price tag of 170 million yen (R25m).The decision to postpone the Games by up to a year has pitched buyers into uncertainty, according to Zoe Ward, director of Tokyo Property Central, with close to 900 units already snapped up.

“Even if it’s not a financial hit, it’s going to be a big inconvenience to them,” Ward said. She added that buyers would now be scouring the small print of their contracts to see if they can pull out without losing their deposits – usually about five percent. ..

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