The Karma group of companies was founded in 1985 by Pampos Karoullas with the aim of developing real estate in the coastal areas of the free province of Famagusta. After the loss of the founder of the company in 2009, the group continues its dynamic course with successor Nikolas Karoullas together with his remarkable associates. The company was nominated for the IN Business Awards, in the category Land Development - Construction and is presented by the CEO of Nikolas Karoulla.
Club
Today, the group consists of 10 companies and has delivered over 4.000 properties and 120 complexes. In the course and taking into account the needs of the market, the group has expanded to other services such as rental and maintenance of real estate to better serve its customers. Part of the group is the innovative leisure complex located in the center of Protaras Eden Square.
The challenges
Certainly the biggest difficulty was the transition from my father's era to our new era, with no previous experience. Having to drive a ship with millions's obligations in a time of crisis, of course, seemed impossible. The global financial crisis, lending, lack of liquidity and increasing competition now having too many used properties in the market were the main challenges we had to face. Fortunately for us, there was a solid infrastructure and a very good name that helped us deal with the difficulties.
The next decade
I believe that we are now entering a new course, a new cycle, which will be very different from what we knew until today. The requirements have changed, but also the type of buyers with the previous years. As a group, we aim to focus on a small number of highly targeted projects with an emphasis on functionality and design. We have already made a turn to investments with a long-term horizon, such as the construction of commercial developments, small tourist units and we will soon announce our participation in the first university in the province of Famagusta.
The future
The global economic instability, the geopolitical developments in Cyprus, but also in the neighboring countries, the banking system and the delay of the state in making cuts in services that do not bring what is expected with a negative impact on our economy.
The vision
First, to implement the goals, which we have set for the next 2-3 years and mentioned above. This will create a good portfolio of companies operating in different sectors. With the right human team, every business will be able to cope and play a key role in the development of our country. An important part of our daily lives is to continue to contribute to society and the environment. This fills us with joy and gives us strength to keep going.
Facts & Figures
Staff: 148
Offices:
Cyprus: 2
Athens: 1
Dubai: 1
Hong Kong: 1
Shenzhen, China: 1
Cairo, Egypt: 1
Source: inBusiness