Dear Sir,
NATIONAL PROPERTY INDEX EXPLORATORY SURVEY
We refer to the above and write to inform you that, we have been commissioned by the Promoters of The Kenya Property Index a group of Real Estate Consultants, Financiers and Property owners who have come together to explore the possibility of developing a National Property Index.
As you are aware, investors including financial institutions have placed large sums of money in real estate in various parts of the country. It is estimated that real estate constitutes over 40% of Kenya's total Assets Value. This makes property performance appraisal (measurement and analysis) an important area to focus on.
Currently property performance appraisal is made difficult by the imperfect nature of the property market and lack of information on transactions. These imperfections have in turn made it difficult to compare returns and rate performance of real estate investments. As a result, a reliable benchmark for property performance appraisal is either unavailable or unknown to analysts and investors.
It is from the above that the Promoters of The Kenya Property Index a non profit making Association open to Real Estate Consultants, Property owners and Financiers has developed a proposal to develop a property Index for the Country. As a way of ensuring wide acceptance and understanding, the Association has commissioned us CitiVillas Valuers Limited to conduct an exploratory survey among real estate consultants (Valuers and Estate Agents), Financiers and property developers and owners to establish whether there is a shared need by the players and stakeholders in the real estate property market for a property index which will not only act as a benchmark but also a tool and source of vital information in property performance appraisals.
The finding of the survey will form the basis for the formulation of a National Property index or a suitable tool for property performance appraisal.
We therefore kindly request you or a person nominated by you to avail time during the week starting 31st January 2005 to participate in the survey by answering questions from a structured questionnaire that will be administered by an interviewer from our office. We anticipate the interview session will take approximately 30 to 45 minutes. To make the interview take a shorter time we have enclosed a copy of the questionnaire for your perusal. However if you find it more convenient, you can fill in the questionnaire and our interviewer will come and collect it on an agreed day and time. We assure you that the information given will be treated with utmost confidentiality and will not be used for any other purpose other than for the objectives of the survey. We undertake to share with you the findings of the survey.
We will call you shortly to agree on the most convenient time for the interview. We take this early opportunity to thank you most sincerely for being of assistance.
Yours Faithfully
For and On Behalf of
CitiVillas Valuers Limited
REGINALD OKUMU
Director
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