Sales in Harumi Flag on hold

On March 30, Jiji Press reported that off-the-plan sales in Harumi Flag have been temporarily suspended and the sales showroom closed. The large-scale condo complex on a manmade island in Tokyo Bay was initially planned to be used as the Athletes Village for the 2020 Olympics, but the postponement of the games has thrown a wrench into the scheduling of the post-Olympic refurbishment of the apartments. 

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New housing starts drop 4% in 2019

New housing starts across Japan in 2019 dropped 4.0% from the previous year to 905,123 units. This is the third year in a row to see a year-on-year decline. This was primarily due to a tightening on lending for investment-type apartment blocks after a widespread loan fraud scandal came to light in 2018. 

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