Mouille Point on an upward trajectory

In the past decade, a rundown area at the wrong end of Green Point has become property royalty. Ten years ago, you could buy an apartment in Mouille Point for about R1.76 million, says Lew Geffen, chairman of Lew Geffen Sotheby's International Realty Today you can expect to pay R6m to R10m, and top apartments can fetch more than R100m. One of the main reasons for its popularity is its location next to the V&A Waterfront. Billy Rautenbach, sales director for Seeff Atlantic Seaboard and City Bowl, says: "Mouille Point ranks among the most soughtafter areas in the city The location almost adjacent to the V&A Waterfront is a massive boost for the rising demand and prices that buyers are prepared to pay "Mouille Point is one of the fastestgrowing areas of the Atlantic Seaboard and now ranks alongside the V&A Marina, Clifton and Bantry Bay for luxury apartments. "Apartments are not just breaching the R20m mark, but topclass apartments in new developments are on the market in the R40m to R120m range. Of course these are oceanfront developments with luxury finishes and some of the best views in the country" But there are more affordable apartments to be found. Rautenbach says: "Prices vary and you can still find the odd apartment here in the R2m to R4m range, but most are in the R6m to R1Om range." It is not just its proximity to the Waterfront that makes Mouille Point desirable. The candystriped lighthouse, the oldest in the country, marks the start of the promenade which runs to the end of Sea Point, and is popular among cyclists and walkers. Children's playgrounds and yoga (sessions) are alongside the promenade. Also nearby are Cape Town's Urban Park and Green Point Common, Cape Town Stadium and Metropolitan Golf Course. The area boasts top restaurants such as the Hussar Grill and Pepenero, and the Radisson Blu and Grand Africa Cafe and Beach are close by. Clifton and Camp's Bay's blueflagged beaches are around the corner. Most of the suburb is made up of sectional title apartments, some of which are older but are being upgraded. About 40% of the properties are investments or second homes. Rautenbach says apartments don't linger on the market. The average gap between asking and selling prices this year is just 2.9% and the time on the market averages 16 days. Geffen says the suburb's upward trajectory shows no sign of abating despite the flat national economy. Since the beginning of this year, 14 apartments have been sold in Mouille Point at an average price of R8.9m. The area was developed for just over 2000 residents in the 1940s. Its name.comes from the French word for mole or breakwater. Once home to mostly older people, almost 40% of recent sales were to younger and upwardly mobile buyers. Rautenbach says: "It is not only locals but also buyers from across the country and the globe who are heading here. And most sales here were for cash." Mouille Point is also popular with people seeking to rent. "Longterm rental rates range from R20 000 for two bedrooms to R50000 a month for a prime beachfront unit. Short lets range from R1500 to about R5000 a day, depending on the location and time of year"