Mouille Point is more than holding its own in the luxury market, with apartment prices rising by over 97% in the past five years, says Pam Golding Properties. During the past 12 months, 82 sectional title units sold at an average price of R5.3 million, and more than half of these properties were in the top price band registering an average price of R7.4 million.
Long regarded as the lower-end of the Atlantic Seaboard property market, recent changes to the area, as well as the advent of the adjacent Waterfront, have seen Mouille Point, now referred to as the Platinum Mile, become as sought-after as its high-end neighbours. The highest sales price by Pam Golding Properties in the past year (from August 2016 to date) was for an apartment in The Waterclub on Beach Road. This 277m2 property sold for R35.25 million, at R107 798 per square metre.
Property agents for the Waterfront area and Mouille Point say that unlike many of the investors interested in the Atlantic Seaboard for holiday accommodation or to let, those buying in Mouille Point will live in the area. “Many of our buyers have downsized from their homes in other Cape Town suburbs. They want a lock-up-and-go home close to the vibe of the city centre, the convenience of nearby retail centres and the V&A Waterfront, and with access to the many outdoor recreational activities that are available.”
Activity in Mouille Point’s property market has rebounded since the 2008/2009 recession, and remained buoyant despite the economic slowdown being experienced nationally. Prices rose sharply in 2015, and have remained elevated. With a price escalation of 97.7% since 2011, an investment in a Mouille Point apartment has outperformed the gold price which showed only a 60.1% growth in the past five years, the JSE40 at 54.2% and inflation at 31.8%, says Sandra Gordon, Pam Golding Properties research analyst.
The past decade has seen the transformation of Mouille Point into a vibrant, dynamic neighbourhood. Not only does it have one of the city’s most beautiful green spaces – the Green Point Urban Park – in its midst; it is also flanked by the Promenade which is packed throughout the year with athletes, families and visitors enjoying the benefits of being close to the sea. Burger, Levy and Bailey add that Mouille Point is one of the few areas with designated dog-friendly spaces and 70% of the buildings are pet-friendly. Residents are also actively involved in the upkeep of the neighbourhood, with many contributing to the Mouille Point Ratepayers’ Association. Flats offer exceptional views of the sea, the iconic Mouille Point Lighthouse and the Green Point Urban Park and nearby golf course.
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