Property In Samoa.
p. 44 · Read in the full issue
Big Depreciation in Value.
From Our Own Correspondent
Apia, May 21.
A SERIOUS drop in property values in and around Apia is indicated by the result of the sale by auction of a valuable property and residential home near Apia, recently.
The house, which was erected only a few years ago at a cost of nearly £2,000, with an area of about 9i acres planted in bananas and coconuts, brought only £l,OOO at the auction, one solitary bid only being received for the property.
There have been, and will be, quite a number of forced sales of bankrupt and other estates, and it is obviously im possible, for lack of demand, to obtain anything like adequate values for them. That the depression has not reached bedrock, as far as Samoa is concerned, is proved beyond doubt by notices of bankruptcies filed and the announcements of court sales of pro perties in practically every issue of the local paper.