Western Samoa Real Estate Market is Limited
Western Samoa real estate is very limited. Samoa which is officially known as the Independent State of Samoa was earlier known as Western Samoa. It gained it’s independence from New Zealand in 1962 and was known in earlier centuries as Navigators Islands by the European seafarers, since the people here had famed navigational skills for the seas.
After Western Samoa gained independence, it adopted a constitution that was based on the British parliamentary system and was adapted keeping in mind the pecularities of the Samoan society and its customs and traditions. Currently Samoa consists of 11 districts that are known as itumalo. Each of these districts follows its own constitutional framework known as faavae and is based on the traditional customary orders and titles of chieftains.
The total land area of the Western Samoa now known as Samoa is about 2934 square kilometer and is roughly the size of the Rhode Island in the US. There are two major islands that comprise 995 of the land area and also have 8 smaller islets. The man island known as Upolu is where 75% of the population stays. The capital city of Samoa is called Apia. Savai’i is the larger of the two islands and is home to 42,000 people. Also this is the place from where people can reach the atolls of Tokelau. The climate here is tropical and the temperatures hover around mid twenties (Celsius) or in the eighties (Fahrenheit).
The country has its own Central bank of Samoa and the Samoan tala is the official currency in the country. Traditionally the country is dependent on agriculture, fishing and remittances from abroad by the Samoans that have settled abroad. Western Samoa real estate and purchase and the industry don’t contribute much to the economy and the GDP of the country.
More than 75% of the population is engaged in agriculture and produces 90% of the agricultural exports that include coconut cream, coconut oil, copra and noni (juice of the nonu fruit which grows in Samoa). Currently large scale financial investment is being made in several sectors including the hotel industry and the airline industry. This can make the real estate and rentals in Western Samoa quite lucrative for the foreign investors. It has its own airline which is known as the Polynesian Blue and is run as joint venture between the Government of Samoa and Virgin airlines.
Tourism is expanding at quite a high pace and now accounts for more than 25% of the GDP. There were 100,000 tourists that visited Samoa in 2005 and this is an increase from 70,000 tourists in 1996.
The industrial sector that processes the agricultural products for exports contributes approximately 58.4%, while the services sector that includes the tourism sector amounts to 30.2% and agriculture comprises of about 11.4% only.
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