Tokyo Bay area property prices stand to benefit the most in the lead-up to the 2020 Olympic Games, adding to the recovery in the capital's real estate values after 20 years of declines.
About 90 percent of the competition venues will be located within 8 km of the Olympic Village in Harumi, an area of reclaimed land about 3.2 km southeast of central Tokyo, according to the Tokyo 2020 Bid Committee.
Source:NewsOnJapan
Apartment prices in the area may increase by as much as 20 percent, said Sanyu Appraisal Corp., a property appraisal company.
Tokyo's victory coincides with a recovery in the nation's property market, where residential prices have been declining since 1992, amid expectations that Prime Minister Shinzo Abe's policies will end 15 years of deflation.
The capital is planning its biggest housing complex in 42 years to lodge athletes in Harumi. The ¥95.4 billion Olympic Village complex will occupy a 44-hectare parcel of land next to Tokyo Bay and will be financed by developers, Kenichi Kimura, who oversees the finances for the city's bid at the Tokyo Metropolitan Government, said in an interview in July.
The Olympic Village complex, which is to be located in the middle of two main competition zones, will consist of luxury apartments surrounded by the bay with a view of Rainbow Bridge, which connects central Tokyo with the Odaiba area, the bid documents show.
