“Mouille Point, Green Point, and Sea Point are all suburbs in Cape Town with highly sought after beachfront properties as well as a lifestyle that is buzzing with activity and vibrancy. Each “point” however, offers different types of accommodation and a good selection in pricing – which offers something for each segment of the property market”, says Nelio Mendes, marketing manager of IHPC estate agency.
Mouille Point is possibly the prime area of the three, stretching from the V & A Waterfront to Three Anchor Bay around the front of Green Point along the coast. This suburb only has 1% in freehold properties and the remainder is sectional title, with an average price around R4,4 million for a sectional title unit (taking figures from Lightstone reports of sales from July 2015 to June 2016).
Apartments in Mouille Point either have views of the ocean or the green belt around Green Point stadium, which includes the golf course. This area is sought after by young professionals and retirees alike, as it offers picturesque scenery from every angle, said Mendes. The majority of recent buyers in the last year, however, were in the 50 to 64 year old bracket.
Green Point is a larger area, with a property split of 24,94% freehold property and the remainder sectional title. Freehold property figures for the last year indicate that the average price is R6,923 million and sectional title is listed as R2,834 million. It is interesting to note that the median sectional title price for the year before, was listed as R2,05 million, while the following year median is R2,6 million, a 26% year on year increase.
Most of the recent buyers of properties in this area have been between 36 to 49 years old (36%), while 31% have been in the 50 to 64 year age bracket. There are, however, many younger people buying into the area – 26% of recent buyers are listed as being between 18 and 35 years old.
Sea Point stretches from Three Anchor Bay to Bantry Bay and Fresnaye, and has a fair mix of beachfront properties as well as those more affordable ones that are set back from the ocean. This area has a mix of old and new buildings and there has been a surge of development here in recent years.
Property in Sea Point is a mix of freehold (12,41%) and sectional title schemes (87,59%) and the majority of buyers (35%) in the last year have been 50 to 64 years old. Those in the 36 to 49 year old category make up 30% of the buyer market and 18% have been in the younger age group.
The average price of a freehold property in Sea Point is around R5,6 million while a sectional title unit could be bought at a price of just under R3 million. While capital appreciation in Sea Point hasn’t been as high as Green Point, the market here is strong and healthy, with an increase of 11% in year on year median prices of sectional title units.
These three suburbs are appealing to many because of their close proximity to an abundance of retail outlets, a glut of restaurants and boutique stores as well as the V & A Waterfront and the CBD of Cape Town and all the main routes to other major business centres and the airport.
In addition, there is easy access to numerous sports facilities in the area and well maintained green areas (on the boulevard and Green Point Park) in which to enjoy time outdoors, and many will be found enjoying these areas at all times of the day, come rain or shine. While there is a drawback in many instances of a lack of parking in the three suburbs, this doesn’t seem to deter anyone, said Mendes.