Tokyo Olympics have just ended on a good note. I do think this is the Olympics which is the hardest to organise because it was organised during a pandemic, Covid-19 pandemic. Now that it is over, what happens to the Olympics Village condos which the athletes stayed during the games? It will be sold to buyers and according to an article recently, the prices are also considered very attractive too.
Article in nst.com.my Rising prices for Tokyo real estate are making the Olympic Village condos in the Harumi district near Tokyo Bay an attractive proposition. The development is called Harumi Flag and there are more than 5,600 for sale.
A total of 10 real-estate firms, including Mitsui and Mitsubishi Estate Co., developed the project.
According to Tokyo Kantei Co., a property research firm, average listing prices for used condos in the city central districts were up 11 per cent in June from a year earlier, at 91.5 million yen (US$829,000). By comparison, the average price for a 72.9 square meter (785 square feet) property in the former Olympic Village is 57 million yen.
Koki Ozawa, an analyst at SBI Securities Co. said, “They’re much cheaper than properties located closer to stations, and that makes them very competitive.”
“We don’t consider any of these properties to be discounted,” said Satoshi Katsuki, the manager in charge of residential projects at Mitsui. “Considering their location relative to public transport, we think the prices are appropriate.” Please do read the article in full, with more details.
Tokyo will always be a very nice place to visit
By the way, it does seem the price even if it seems attractive is certainly out of reach for most people yeah. Unless of course their earning power is much higher than even many of the Japanese working in Tokyo. Average salary in Tokyo in 2021 is around 325,000 yen per month and this is around US$3,000. (RM12,720). Hope you know why I say the price is high?
Anyway, property prices in Tokyo has always been high. My ex-General Manager told me that when he was still based in Tokyo, everyday he will travel over 400km to go to work. However, he was taking the shinkansen (bullet train), so the to and fro journey was less than 2 hours. That was his life then and he was already a senior manager.
However for those who did not know about this and now has interest to buy, do do and search for the info online yeah. kopiandproperty.com has no connection to any real estate firm selling this property. Happy visiting Tokyo when we could travel easily again. Perhaps that would be in 2022 2nd half of the year.
Next suggested article: Yes, property price is dropping