Voya Development launches COY project in West Cairo
Egypt - Voya Development has announced the launch of its latest real estate project, COY, in Sheikh Zayed City, West Cairo. The project marks the company's second venture in the area, with total investments of EGP 2bn.
Essam El Naggar, Chairperson of Voya Development, stated that the successful launch of the company's first project in West Cairo laid the foundation for introducing COY.
'We believe excellence starts with unconventional ideas. This belief guided the development of COY, a project crafted to meet the aspirations of both current and future clients by combining a prime location, distinctive design, and integrated services,' he said. 'COY embraces an ultra-modern style and aims to set new standards for smart community development in Egypt's real estate market—particularly in the fast-growing West Cairo region.'
According to El Naggar, the built-up area will constitute just 20% of the project's total land, with the remainder allocated to green spaces and water features. The development is expected to be completed within four years.
The company has commissioned Hafez Consultants Office to handle the project's design, while Sabbour Consulting will serve as the executive consultant.
Shehata El Sayed, CEO of Voya Development, highlighted that the company is also progressing with its first project, ZAT Community, located on 10 feddans in West Cairo. He noted that the launch of COY will boost the company's total sales target to EGP 4bn this year, combining revenues from both COY and ZAT Community.
He emphasized the strength and resilience of Egypt's real estate sector, describing it as one of the most attractive areas for investment.
'The sector continues to demonstrate stability, driven by genuine demand, a growing population, and extensive urban development initiatives led by the government. Real estate remains a safe investment option, encouraging developers to expand and launch projects that meet the evolving needs of the market.'
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
35 minutes ago
- Arabian Business
AB Majlis podcast: Bayut CEO reveals how AI and transparency are reshaping UAE's real estate market
The UAE's real estate market is undergoing a technological revolution that's fundamentally changing how properties are bought, sold, and valued, according to Haider Khan, CEO of Bayut and Dubizzle, he said on the latest episode of the AB Majlis podcast. Khan, who leads the region's largest property portal, revealed how artificial intelligence, blockchain tokenisation, and enhanced transparency measures are creating a more efficient and trustworthy marketplace while addressing longstanding industry challenges. The property listing accuracy problem that once plagued Dubai's market has significantly improved through sophisticated backend integrations with the Dubai Land Department (DLD), Khan explained during the podcast discussion. 'We've been working very closely with the land department, and there's strong technology integrations that exist in the back end that you don't see in the front end, where we ensure that all the properties that are there have a valid permit,' Khan said. The platform has implemented a comprehensive verification system where brokers must obtain permits from DLD before listings go live. 'We check in the back end from the Land Department if it's a valid permit, and if it is then the listing goes live, otherwise it doesn't,' he added. Beyond permit verification, Bayut introduced TruCheck, a geolocation-based system requiring agents to physically visit properties and submit geotagged photos. 'We essentially ask the agent or the broker to go to the property and take a snapshot which is geotagged, so that we know that they also have accessibility to the property,' Khan explained. Elevating broker standards through recognition The platform's True Broker program represents the first recognition and rewards system of its kind in the region, designed to highlight top-performing agents based on multiple performance metrics. 'We wanted to take the best brokers in the market and highlight them, because the people who provide the best quality of service should hopefully close more business,' Khan said. The system evaluates responsiveness, listing quality, lead interaction speed, and property accessibility. The program has created an organic marketplace for property sellers. 'There are people looking to sell properties [who] don't necessarily know where to start. It's become a very good tool for organically reaching out to brokers to actually sell your property as well,' he noted. Dubai's sustainable growth trajectory Addressing concerns about market overheating, Khan expressed confidence in Dubai's continued growth potential, citing comparative affordability and strong fundamentals. 'If you start looking at price per square foot and you compare to some similar cities across the world, Dubai is still very affordable from that angle,' he said. 'The last two, I would say three years have really been fantastic and remarkable in terms of the growth that we've seen in the industry, but I think there's more room left.' Khan pointed to publicly available bubble index reports showing Dubai at extremely low risk levels. 'Dubai is extremely low on the risk side, it's a lot of it is in the green side. So that gives us a lot of excitement about what's to come in the future.' Supply dynamics also support continued growth, particularly in the villa segment. 'If I look at the villa side, there's not that many units hitting the market in the next year or a couple of years, and I think the absorption on that side should be pretty good,' he explained. Fractional ownership and regulatory innovation The Dubai Land Department's recent launch of fractional ownership experiments represents a significant regulatory evolution that could democratise property investment access. 'DLD launched this experiment which is fractional ownership, or tokenising real estate, and that's going to be interesting,' Khan said. 'It opens up this asset class to a lot of people which historically haven't had access to this, because properties are not cheap, but once you break it down to smaller chunks, it becomes pretty interesting.' While acknowledging the need for proper financial product regulation, Khan expressed optimism about the potential market expansion this could enable. Bayut has emerged as a regional pioneer in AI-powered property search, launching the first conversational AI tool allowing users to describe their property requirements in natural language. 'We launched Bayut GPT which is you can just have a conversation with it in terms of how you want to look for your property, and that gives us a lot of insights into what people are actually looking for,' Khan explained. 'When you can converse with somebody, it's very interesting because you actually start understanding what they're really after.' The platform has also introduced AI-powered listing generation across its broader marketplace. 'We have this feature which is 'sell with AI', so all you need to do is just take a snapshot and it really generates the listing for you. It generates the ad for you, even guides you in terms of how you should price it.' The future of real estate agents Despite AI advances, Khan firmly believes human agents remain irreplaceable in high-value transactions like real estate. 'AI is not going to take your job, but is your job going to be the same job that you do every day today? No. Should you be more productive? Yes. Do you know how to use AI to your benefit? Yes, you should,' he said. The human element becomes crucial for expensive purchases requiring trust and guidance. 'Property is perhaps one of the most expensive things that people buy in their lives. You need a certain factor of trust, and I think that really the human touch is important, somebody giving you that reassurance and even guiding you through the process.' Virtual tours vs. traditional methods Contrary to industry expectations, virtual reality and 3D property tours haven't achieved widespread adoption, with traditional photography remaining the preferred medium for initial property screening. 'The main medium that we've seen over the years that hasn't changed is pictures,' Khan noted. 'You can get a lot more from pictures in a very short amount of time than you can from a video or VR.' Consumer behaviour analysis shows efficiency preferences drive this trend. 'You can go through 10 properties very quickly [with pictures]. If you start watching VR for each one, that can be pretty taxing time-wise,' he explained. Advanced valuation and market intelligence The platform operates eight to ten different AI models for its TruEstimate property valuation tool, while recent acquisition of Property Monitor enhances market intelligence capabilities. 'We're pretty excited about what we can build on top of that and just not show you transaction data, but also start showing you what the demand looks like,' Khan said of the Property Monitor integration. Looking ahead, Khan revealed ambitious AI development plans, including room-level inventory management. 'Wouldn't it be nice if you just take a picture of the entire room and you can pick up all the items and you don't need to create 10 items? We can create that room sale for you.' Market evolution and future outlook Khan positioned the real estate portal evolution from simple classified advertising to sophisticated data platforms providing market insights and predictive analytics. 'We can become very strong data platforms or insight platforms,' he said. 'The point is how can we educate the user at the same time and the brokers and everybody to build that stronger connection that's based on actual factual information.' The technological transformation reflects broader market maturation, with transparency, efficiency, and user experience becoming key competitive differentiators in the UAE's dynamic real estate landscape. Tune in to a new episode of AB Majlis every Monday To listen to the full episode and gain a comprehensive understanding of doing business in the Gulf region, visit our RSS feed or check out AB Majlis on Spotify, Apple Podcasts, and other platforms. Episodes are also available on: Tune in every Monday for weekly episodes that will help you stay ahead of the curve and enrich your understanding of the Gulf region.
Arabian Business
2 hours ago
- Arabian Business
How $35bn Al Maktoum International Airport expansion is driving major Dubai South real estate investment boom as property prices tipped to grow 20%
The AED128bn ($35bn) expansion of Al Maktoum International Airport in Dubai South is fuelling a real estate boom that has major implications for the wider UAE economy, according to Betterhomes analysis. Property transactions in the area exceeded AED15bn ($4.1bn) in the first five months of 2025 and prices could increase by up to 20 per cent in the near term said analysts. Spanning 70 sq km, the new Al Maktoum Airport will feature five runways and 400 aircraft gates and is expected to accommodate more than 260m passengers annually upon completion. Al Maktoum International Airport drives Dubai South real estate growth More than just an enhancement to the aviation sector, however, the project is poised to drive growth across real estate, hospitality, and the broader economy. Investor interest in Dubai South is accelerating, driven by competitive pricing, strong rental yields, and ongoing infrastructure development, said Betterhomes. Louis Harding, CEO of Betterhomes, said: 'The development of Al Maktoum Airport is not just a milestone in aviation, but a catalyst for the next chapter of Dubai's real estate growth. We're already seeing the ripple effects in Dubai South. This is the early stage of a long-term growth cycle.' Rental rates have risen 20 per cent year-to-date, with a sharp increase in both off-plan and ready property sales. Betterhomes has also recorded more than 20 per cent monthly growth in buyer and tenant inquiries, while institutional capital is entering the market, most notably a $1bn investment partnership between a major Abu Dhabi-based asset manager and Brookfield. Property prices in Dubai South are forecast to rise by 15–20 per cent in the near term. Infrastructure enhancements, including the Dubai Metro Blue Line and Etihad Rail, will further strengthen demand, and a recent AED1bn ($272m) contract award for the airport's second runway signals continued momentum. Average prices in surrounding areas remain up to 60 per cent lower than in prime districts like Downtown Dubai, offering attractive value. A similar growth pattern was seen following the launch of Terminal 3 at Dubai International Airport in 2005, when surrounding areas such as Dubai Marina and Al Barsha experienced substantial appreciation. Between the launch and early 2008, average sale prices had nearly doubled. With demand surging and a long-term development pipeline in motion, the neighbourhood is emerging as one of the UAE's most promising real estate growth corridors. The $35bn terminal expansion is set to create employment and housing opportunities for over one million people, with far-reaching effects across multiple sectors. As job creation increases, population growth is expected to follow, driving greater demand for housing and supporting broader economic development. Surrounding areas are already experiencing a rise in transactions, property prices, rental rates and yields. The aviation sector alone is projected to contribute over 30 per cent to the emirate's GDP by 2030.
Khaleej Times
3 hours ago
- Khaleej Times
Tesla Properties rises as one of Dubai's fastest-growing real estate firms
Tesla Properties, a relatively new entrant in Dubai's real estate market, has rapidly gained prominence by achieving nearly Dh1 billion in property sales since its inception in 2021. The company's swift ascent is attributed to a combination of customer-focused services, structured operations, and a full-service model that spans sales, rentals, interiors, and maintenance. Founded by Deepak Kumar and Satissh Balyan, and later joined by Pushpit Kohli as COO and principal partner, Tesla Properties is led by a trio that brings together deep expertise in sales, service, and operations. The firm's growth has been particularly notable over the past year, with a major uptick in transactions driven by internal restructuring and digital expansion. Amidst a highly competitive market, Tesla Properties has positioned itself as a solution-oriented agency offering a seamless experience across the property ownership lifecycle. Tesla's business strategy integrates technology with a service-centric model. By leveraging CRM systems and property platforms, the company has improved operational efficiency and client response times. While automation supports scale, the company continues to prioritise personalised service — a distinguishing factor in Dubai's fast-moving real estate landscape. In 2023, operational changes and enhanced backend systems enabled the company to streamline agent training, improve client servicing, and introduce measurable performance metrics. This resulted in doubled transaction volumes and a significantly stronger market presence. Tesla Properties' unique proposition lies in its consolidated service offering, providing clients with end-to-end solutions — from sales to post-transaction support. This integrated approach has helped the firm foster long-term client relationships and drive repeat business in a market known for its transactional pace. Culturally, Tesla Properties attributes much of its momentum to its internal values of transparency, accountability, and empowerment. With a team now exceeding 70 professionals, the firm continues to focus on workforce development and sustainable growth. Looking ahead, the company has set an ambitious target of Dh2 billion in property sales by the end of 2025. Plans are underway to expand its investment offerings and diversify its portfolio to cater to Dubai's evolving buyer landscape, which increasingly includes international investors and residents. "As founders, we've always believed that trust and consistency are more valuable than rapid wins. Our vision is not just to sell homes, but to build lasting value for clients at every stage of their property journey,' said Deepak Kumar, co-founder of Tesla Properties. As Dubai continues to attract global attention for its dynamic real estate sector, Tesla Properties is gearing up to deepen its market share through strategic alliances and a stronger digital footprint. The company aims not just to transact properties, but to offer a comprehensive, client-focused real estate experience.
