20% of Tokyo's Harumi Flag condo units up for rent or resale

NHK has learned that nearly 20 percent of units in high-rise condominium buildings on the Tokyo Summer Olympics athletes village site have been offered for rent or resale.

The site, called Harumi Flag, sits surrounded by Tokyo Bay in the capital's Chuo Ward. The Tokyo Metropolitan Government has developed it into condominium blocks mainly targeting families. Residents have moved in since January.

NHK looked into register records and discovered that companies purchased some units for investment and other purposes.

The tallies based on information from real estate websites and other sources found that 491 had been up for rent or resale as of this month, with 164 for resale and 327 for rent. A total of 2,690 units are for sale in Harumi Flag.

Resale units were offered at 1.5 times to twice the original price. One unit priced at about 109 million yen, or nearly 700,000 dollars, was purchased for 238 million yen, or about 1.5 million dollars.

Meiji University Professor Nozawa Chie is an expert in housing policy. She said as investors buy up units for resale purposes, the residential towers are becoming out of reach to ordinary people who want to live there.

She pointed out that it is a serious problem that the precious land for Tokyo residents has been used for making money.