Tokyo Olympics: Owners of apartments in Olympic village seek damages due to delay

Tokyo Olympics: Owners of apartments in Olympic village seek damages due to delay

The Tokyo Olympic Games were postponed from 2020 to 2021 due to the COVID-19 pandemic. Despite the fact that the virus has not subsided completely yet, organizers of the Games, the International Olympic Committee (IOC) have remained stubborn that the Games will take place as has been scheduled in July 2021. The pandemic has already led to a lot of financial losses for the organizers.

The Games has already becoming the most expensive Summer Olympic Games in history and they haven’t even begun yet. Reports have estimated the cost to be at USD 2.8 billion at present with the same expected to rise to USD 15.8 billion by the time the Games end.

Two dozen owners file compensation request

With already a plethora of concerns surrounding the Games, yet another concern has arisen now as two dozen owners of condos (apartments) in the Olympic Village have filed a request for compensation due to the event’s postponement, according to their lawyer. The buildings of the apartments are set to transformed into luxury condos following the conclusion of the Games in July 2021.

“Many of them also sold their old apartment to take out a loan for the new one. We have requested to hold talks but they said there was no need,” the lawyer reportedly said.

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