Cape Town's Mouille Point may once have been regarded as a rundown area but it's been transformed into an upmarket, trendy spot in recent years
If the organisers of any international tournament ever wanted to illustrate just how beneficial hosting an international can be, they need look no further than Mouille Point.
What was once a rundown neighbourhood has been transformed into an exclusive area thanks to the construction of the Cape Town Stadium and the development of the Green Point Urban Park.
“This,” says Lew Geffen, chairman, Lew Geffen Sotheby's International Realty, “has stimulated residential development and a regeneration in the area, and bought it more in line with its neighbour, the V&A Waterfront.”
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“Mouille Point is now filled with interesting eateries and luxury apartments that boast sea views unrivalled in Cape Town. The seafront is now also a popular extension of the Sea Point Promenade and attracts walkers, cyclists and dog lovers to the lawns and paths that hug the coastline, as does the wonderful green space that is the new Urban Park.”
He says in addition to its close proximity to the V&A Waterfront, the area is only five minutes away from the CBD and 10 minutes away from Clifton's beaches. “It was only a matter of time before it came into its own and as a suburb it has most definitely 'arrived'.”
Ian Slot, Seeff’s managing director: the Atlantic Seaboard and City Bowl area says sales activity and property values in Mouille Point have more than doubled over the last five years. “This is twice as fast the average property in the country that doubles in value roughly every ten years.”
"Where you could once buy a sea-view flat on Beach Road for around R2,3m, buyers are now paying well into the upper millions. Five years ago almost 40% of the sales on Beach Road were still under the R2m price mark. Now, only about 13% of sales are concluded for R2m or less."
Seeff agent Bianca Gutteridge says apartments are now commanding rates of around R48,000/m2 on average and have sold at the very top end for as much as R104,418/m2.
She notes that aside from top sales in the new Amalfi development, notable sales this year include a 212m2 unit in Thermopylae that sold for R11m at R51,887/m2. A 338m2 unit in Aquarius sold for R22m at a rate of R56,701/m2 while a 222m2 unit in Mouille Sands sold for R16,5m and a significant R74,324/m2.
This article was originally published in Sunday Times Neighbourhood: Cape Town. Visit yourneighbourhood.co.za, like YourNeighbourhoodZA on Facebook and follow YourHoodZA on Twitter.
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