In BusinessNews
05/09/2025
Over 150 residential and tourism projects have been completed by the Karma Group, which was founded in 1985 as the first land development company in the free province of Famagusta and now celebrates 40 years of successful course, having established its reputation in the real estate market.
In an interview with InBusinessNews, Karma Group’s CEO, Nikolas Karoullas, emphasizes that the group’s main goal remains the development of projects in the Famagusta district, with particular emphasis on seaside developments, noting at the same time that the Setai project in Limassol has been completed, while a small apartment complex in Nicosia is in the initial stages of development.
The Karma Group also focused on the creation of more “boutique” developments, with emphasis on energy efficiency, modern design and respect for the environment, with a typical example being the Halki complex, located in the Panagia area, in Protaras, while at the same time the construction of the Alaya Eco Villas complex is progressing.
At the same time, Mr. Karoullas underlines that free Famagusta has all the characteristics to strengthen its position in the real estate market, explaining that it is not just a summer destination, but an area with the prospect of permanent residence, investment and quality of life, which offers it an advantage and a basis to gain a greater share in the market.
How do you find the Karma Group after 40 years of successful presence? What are the most important milestones and milestones in the group’s course?
Karma Group was founded in 1985 and was the first land development company in the free province of Famagusta. To date, we have completed more than 150 residential and tourism projects.
Our founders, Mr. Pambos Karoullas and Mr. Pieros Marcoullis, have managed to create a group based on solid foundations: quality constructions, projects with a timeless character and after-sales services, building relationships of trust with our customers and partners.
Our goal was not only to stay in the market, but to constantly improve, to specialize in what we do and to create projects with timeless value. With dedication, low tones and hard work, we have managed to establish a reputation in the real estate market, which allows us today to envision the future without moving away from our core values, despite the difficulties of the market.
Some of the projects that have marked the Famagusta district are the Mythical Resort & Spa, with 400 residential units, tennis and football courts, a playground, a café, a gym and 6,000 square meters of green spaces, which has breathed new life into the area of Kapparis. Also, the Milos Holiday Homes in Protaras, the award-winning Eden Residences in the heart of Protaras and the ICON seaside residences.
What are the Group’s next plans and how is the expansion to other cities progressing? Which projects are in the works and which are in the implementation/completion phase?
By monitoring and studying the trends and data of the real estate market in Cyprus, the Group has set itself the goal of creating more “boutique” developments, with emphasis on energy efficiency, modern design and respect for the environment.
What are the Group’s next plans and how is the expansion to other cities progressing? Which projects are in the works and which are in the implementation/completion phase?
By monitoring and studying the trends and data of the real estate market in Cyprus, the Group has set itself the goal of creating more “boutique” developments, with emphasis on energy efficiency, modern design and respect for the environment.
A typical example is the Halki complex, located in the area of Panagia, in Protaras. It has been designed in such a way as to harmonize with the natural landscape, visually “losing” its volume through the materials and colors used.
At the same time, we are in the process of constructing the Alaya Eco Villas complex, which has already been awarded at the International Property Awards in the Sustainable Residential Development category.
The name Alaya means “the foundation we give a child to form a wise and virtuous character.” It is the first ecological complex in the Famagusta district, with energy efficiency A, which utilizes recyclable materials and water recycling systems, with minimal burden on the natural environment.
The main objective of the group remains the development of projects in the Famagusta district, with particular emphasis on coastal developments. At the same time, we have completed the Setai project in Limassol, while we are already in the early stages of developing a small apartment complex in Nicosia.
What are the challenges in the construction sector and what do you propose to solve the sector’s problems?
The real estate sector in Cyprus has proven that, through proper regulations and legislation, it can be a strong lever for the economy and the quality development of the country. Nevertheless, what we are seeing today – and especially after the crisis that has affected both the country and the sector – is that the necessary moves have not been made to ensure a more rational and controlled development.
First, the regulation of the profession (ed. of the land development entrepreneur) is now imperative. It will substantially contribute to enhancing transparency and credibility in the field of real estate development, while ensuring the protection of buyers. The conditions for exercising the profession can shield the interests of consumers, strengthen confidence in the market and promote its proper functioning.
Secondly, we consider the reform of the Licensing Authority (EDA) to be important. However, the permitting process needs to be substantially simplified, as well as the parameters, laws, regulations and urban planning zones that are taken into account. Today, the work of officials is becoming too difficult and time-consuming, slowing down growth.
Finally, an important role in the solution of the housing problem, as well as in commercial and economic development, is played by the urban plan of each area. What is missing is a long-term strategic plan of at least 20 years, which will determine where we want the country to lead. Instead, we are often carried away by the trends of the time and everyday life, without having a clear direction.
What is the performance of the construction sector and what are your expectations for this year?
The construction sector is showing steady signs of recovery. For this year, we expect an increase in the number of building permits, as well as in real estate sales, which shows that the market remains alive and dynamic. At the same time, the gradual easing of credit conditions facilitates access to lending, which supports both buyers and investors. Overall, we see a more positive climate for the industry, with prospects for further growth in the coming years.
A region with prospects for free Famagusta
How do you think that free Famagusta will claim a greater share/dynamic in the real estate market?
Free Famagusta has all the features to strengthen its position in the real estate market: strategic location, beautiful beaches, high tourist interest and new infrastructure, such as the marina in Paralimni. With the development of modern projects, which combine quality and respect for the environment, but also with better planning by the competent authorities, such as urban plans and incentives for investors, the area can attract even more foreign and local buyers.
Famagusta is not just a summer destination. It is an area with the prospect of permanent residence, investment and quality of life. This is its advantage and the basis for gaining a larger market share.
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