Real estate puzzle around the Olympic Village in Tokyo

The facilities, designed to accommodate over 10.000 athletes and officials at the Olympic Village, are to be converted after the Games into thousands of apartments with stunning views of the Japanese capital, some of which were valued at 170 million yen (1,34 million d 'euros).

About 900 of them had already been sold before the postponement of the Games from July 2020 to July 2021 due to the Covid-19 pandemic, forcing new owners to delay their move in for at least a year.

A total of 24 buyers have requested arbitration from the Tokyo Court of First Instance, seeking compensation from 10 real estate developers, including Mitsui Fudosan, without setting an amount.

"We asked to initiate discussions, but they replied that it was not necessary," their lawyer Hironobu Todoroki told AFP.

“As a result of the postponement, the children of some buyers will be forced to change schools when they can finally move into their new apartment,” Todoroki added.

"Many have also sold their old apartments to take out a loan to finance the new one," the lawyer said, adding that buyers could take formal legal action if the companies refuse to discuss.

No promoter immediately commented.

The project has more than 20 towers along Tokyo Bay. The 18 hectare land is also to include schools, a playground, a swimming pool and a gymnasium.

The Japanese government, Tokyo-2020 organizers and the International Olympic Committee assure the Games can be held safely this summer, despite doubts over the event's fate as the pandemic continues to wreak havoc across the country. world.