If that is possible, a lively affair that pays dividends of more than one kind may ensue. Apartment living in this charming cosmopolitan seaside suburb along Cape Town’s Atlantic Seaboard comes with a multitude of pleasures such as close proximity to the city, the V & A Waterfront, and some spectacular beaches.
Falling in love with the deep drone of this foghorn could prove it an enriching experience, particularly when it becomes a long term affair. Mastering the art of listening to it sounding every 30 seconds when Robben Island disappears off the radar as a result of heavy fog, means not only weathering many a North Westerly storm but also retaining ownership of a prime property during tough economic times.
Property professionals say those who ‘fell’ for Mouille Point have invested in a commodity that is synonymous with steady growth and world class standards. Although average sectional scheme prices are currently at R6 million, an exception to the rule was seen in July this year when a large penthouse sold for a record R50 million. This sale by auction reflected true market value since the original asking price was R80 million, while the property was on the market for over six months.
The many reasons for the high popularity of investment options in this area range from the combination of an in and outdoor lifestyle it offers during all seasons. The close-by inner city and De Waterkant provide superb entertainment and retail facilities, with many top class delicatessens and eateries in Green Point. Residents say that walking, running or cycling along the famous promenade from Granger Bay, adjacent to V & A Waterfront through to Camps Bay in the midst of magnificent sunsets, while watching whales and dolphins frolicking in the ocean, can beat the worst case of Sunday blues.
And from an investment perspective, especially for aspirant young buyers, Lightstone shows that property sales here result in long term investments, proven by the majority of both stable residents and recent sellers to have lived here 11 for years and more. Market trends show that of the 77 properties sold here in 2010 averaging R2.7 million, 18 were priced above R3 million, averaging R6.9 million.
Upward growth was seen here since 2004 when average sectional scheme properties were priced at R1.1 million, which during the property bubble in 2007 reached R2.6, and dropped to R2.2 last year with a minimal increase bringing it to R2.3 million for the past three months.
Mouille Point’s trade mark, the Green Point Lighthouse and famous foghorn is often confused with the previously and now demolished Mouille Point lighthouse at Granger Bay, built in 1842. SA’s oldest lighthouse named Green Point Lighthouse, that is located in Mouille Point, resulted from a love hate relationship between Lord Charles Somerset and Sir Rufane Donkin, Deputy Governor of the Cape during colonial occupation. In loathing his superior, Donkin endeavoured to outdo Somerset during his absence and risked the commissioning of the first lighthouse in the Cape. Today the lighthouse is occupied by the Lighthouse Services Division of the National Ports Authority, with a conference facility, visitors centre and gift shop.