Mouille Point holds its own

The property market in Mouille Point, Cape Town, is experiencing brisk sales activity in some sectors and high levels of demand at present.  

Pam Golding Properties (PGP) reports that 14 apartments have changed hands in the suburb this year (as at 14 May 2012), at an average sales price of R3.337 million (source = all 2012 sales confirmed by Propstats).  PGP was responsible for concluding 10 of those deals, including an R8 million sale of a 200sqm apartment in the Mouille Sands complex on the seafront. PGP also achieved the full asking price of R2.85 million for a two-bedroomed apartment in Henley Manor, also situated on the seafront, within a single day of the property being listed on the market.

PGP’s area manager for the Atlantic Seaboard and City Bowl, Basil Moraitis, says prices in the suburb have remained relatively stable over the past three years, even increasing slightly each year.  That’s despite a fairly substantial drop in unit sales since the property boom days of 2007.  “The fact that prices continue to hold their own, despite the tighter prevailing market conditions, is a sure indication of the desirability of the area,” he says.  “It’s not known as the Platinum Mile for nothing - this is a sophisticated, cosmopolitan neighbourhood.  Residents enjoy some of the best sea views on offer in Cape Town, have access to the Promenade and adjoining green belt right across the road from their homes, and now also enjoy proximity to the beautiful Green Point Urban Park, immediately behind them.  Ease of access to the central city, the V&A Waterfront, the Atlantic Seaboard beaches and the Cape Town Stadium, are also substantial pull-factors.”

A number of the older sites along this stretch of coastline have been consolidated in recent years, and redeveloped with attractive new buildings such as Aquarius, Two Oceans, Mouille Sands and The Breakers.  Most recent new developments include Amalfi, where 25 new double-volume apartments offer magnificent sea, mountain and park views.  Moraitis says the new buildings typically offer spacious, luxurious accommodation with hi-tech security and every modern convenience, making them extremely popular with buyers across a variety of age ranges, from well-heeled young professionals to retirees.  “The prices being achieved in these buildings are proof of the enviable lifestyle on offer,” he says.  “For example, two units in the Two Oceans building sold for over R13 million in 2011, one of them through PGP, and we also sold a third apartment in the same building for over R11 million.  But the suburb’s older buildings are also still popular, and offer more affordable purchase options to suit those on a smaller budget,” he adds.  “Many of them are still in prime condition, and offer the same superb views and beachfront lifestyle as their newer counterparts.”

Moraitis says the current high demand has resulted in a reduction in the number of units on the market - but despite this, he says there is still a good variety on offer, to suit a range of budgets.  “The current stock available through PGP ranges from bachelor apartments priced just under R1 million, to a sizeable garden apartment in the prestigious Aquarius block, priced at R16.495 million,” he says.  “Our specialist Mouille Point agents Lynn Pinn and Paul Levy have extensive, in-depth area knowledge and years of experience in this market, and are well-placed to advise buyers on the best options to suit their budget and specific lifestyle needs.”

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