Mouille Point’s meteoric rise over 10 years

LEW GEFFEN, chairpperson of Lew Geffen Sotheby’s International Realty, charts Mouille Point’s rise over 10 years.

Fewer than 10 apartments in Mouille Point changed hands, at an average price of R1.76 million, and only two properties breached the R2m mark, PropStats records show.

With the World Cup preparations and regeneration of surrounding neighbourhoods, life was injected into the market and 38 apartments in the area were bought at an average price of R2.59m.

By the end of 2015, the average price had risen by 235%, with 37 sales achieving an average price of R5.9m, excluding a R85m transaction.

The number of apartment sales in Mouille Point jumped to 54 with a 19.8% spike in the average sale price which rose to R7.07m with the lowest and highest sale prices being R1.05m and R27.995m.

Although there was a dip in sales and average apartment price, Geffen says this can be attributed to the top-end of the market tapering off from the third quarter when investors began to adopt a “wait-and-see” attitude in the run-up to the NEC conference.

Gerard Maisel, the agency’s group area specialist in Mouille Point, De Waterkant and Greenpoint, says there has been a steady stream of enquiries. “According to PropStats’ records, 12 sectional title properties changed hands in the first quarter, including a R40m luxury apartment. The lowest sale price was R2.55m and six of the properties sold for between R7m and R8.5m.”

PICTURE: LEW GEFFEN SOTHEBY’S INTERNATIONAL REALTY Spacious and contemporary apartments with views, like this one on the market, can be found in Mouille Point.