Experts in the real estate sector have welcomed President Uhuru Kenyatta’s decision to reject the Finance Bill and his recommendation to MPs to scrap lending rate caps saying that if parliament adopts the head of state’s position, the industry will recover massively. Speaking during an interview with Business Today, VAAL Real Estate CEO Majeed Saad said that the capping of interest rates has had a negative effect on the sector as contractors and buyers have struggled to access much-needed credit that would have spurred growth Cap on Interest Rates “In my opinion, repealing the law boards a positive future for real estate in the sector. Just like any other industry, real estate depends on the circulation of money in the economy. So I think that repealing it would be best for all parties involved,” said Mr. Saad. In an interview with Business Today in June, Knight Frank Kenya Managing Director Ben Woodhams said that the industry slowed down in 2016 shortly after the capping of interest rates. “When I came into the Kenyan market in 2003, we witnessed growth in the property market through to 2015. Even though the global economic recession in 2007, we witnessed the Kenyan economy and the real estate market…