Elena Vassiliou is an accomplished professional who transitioned from a reputable role at KPMG to her current position as the Head of the Finance Department at Karma Group. Her career shift was strategic and purposeful, with a focus on optimising investment management.
In the highly competitive finance and audit landscape in Cyprus, being a well-rounded, versatile, and perceptive professional is highly sought after by top-tier companies. Karma Group’s recruitment of Elena Vassiliou reflects the company’s commitment to being an employer of choice, with a steadfast emphasis on assembling the most exceptional team in the market.
As a key member of the Karma team, Elena Vassiliou exemplifies the capability of astute professionals to discern and capitalise on opportunities, even when confronted with the allure of a promising future within academia or at one of the Big Four firms. Her trajectory underscores the company’s dedication to fostering a team that dares to differ and embraces the long-term goal of being an industry leader.
It had been a long professional journey. Have you reached your dream career path?
I am pleased to announce that I am an ACA Qualified Professional (Associate Chartered Accountant) and I am redirecting my career to join the highly esteemed Real Estate Group of Companies, Karma. With this move, I intend to apply my comprehensive knowledge and expertise obtained during my time at KPMG to contribute significantly to Karma’s success.
Karma Developers is a pioneering property development company established in 1985 on the Southeast coast of Cyprus. The organisation has set benchmarks for excellence in the real estate market, delivering more than 5,000 superior properties. Karma Group remains a leading player in the Cyprus property industry, renowned for delivering enticing new projects with unique designs that are strategically located along the Eastern coastline of Cyprus.
Despite economic fluctuations, Karma has flourished and cultivated a dynamic international client portfolio. The company’s success is attributed to its unwavering adherence to its four core values framework: Commitment to Quality, Integrity, Honesty, and After-sales Care.
Joining Karma Group is a significant milestone in my career, and I am eager to contribute my skills and competencies to an organisation that prioritises excellence. I am excited to grow and learn alongside Karma, fostering mutual success for years to come.
Real Estate is a dynamic sector of the Cyprus economy. As the clientele and subsequently its needs change so should the way real estate services. How do you see the real estate market evolving?
Real estate is a significant part of people’s wealth portfolio, and homeowners globally echo this sentiment. In 2022, Cyprus experienced a notable increase of around 100% in foreign buyers compared to the previous year, highlighting the attractiveness of the sector to investors. The expansive real estate market coupled with stability in housing prices makes it an appealing investment avenue, especially in the context of property acquisitions. However, the increasing apartment prices, especially in Nicosia and Limassol, suggest heightened investor interest during periods of market liquidity instability.
Despite the Cyprus citizenship by investment program’s cessation, Cyprus still maintains its status as a regional hub for international real estate investors. The geopolitical landscape, marked by events such as the war in Ukraine, has induced citizen relocations, supply chain disruptions, and escalated construction costs. At the same time, the cumulative effects of Brexit and the COVID-19 pandemic have had ripple effects across all cities in Cyprus. Despite these challenges, the Cyprus real estate market has shown resilience, as evidenced by a positive trend in 2022, with a 35% increase in new sales through deposited real estate sales contracts. The first quarter of 2023 saw a further 26.6% increase in the total number of sold properties compared to the same period in 2022. While real estate prices underwent slight adjustments due to inflation, escalating construction costs, and higher loan interest rates, the sector continues to undergo dynamic development.
In this dynamic landscape, Karma Group has proactively positioned itself for growth, announcing over ten upcoming projects, forging new joint venture collaborations, and expanding its real estate portfolio. Notable achievements include the successful delivery of the EDEN RESIDENCES project in 2022, located in Protaras, which received the European Property Award for Residential Development in Cyprus. Additionally, Karma Group demonstrated strategic diversification by expanding into the Limassol region with its latest residential project, SETAI RESIDENCES, featuring modern apartments.
Professional services elevate the intrinsic value of real estate, and Karma Group exemplifies this principle by delivering high-quality after-sales and property management services. Despite its significant expansion, Karma Group remains anchored in its foundational philosophy, unwavering qualities, and the conceptual creation of developments. The company offers an extensive range of property types and price points, maintaining its commitment to excellence. Notably, Karma Group has embraced responsible and sustainable design with the introduction of ALAYA Eco Villas, an eco-friendly project situated in the exotic landscape of Protaras.
Recognising that services of the calibre provided by Karma Group contribute significantly to the intrinsic value of properties, it is evident that such ventures represent but one facet of the myriad opportunities inherent in the real estate market. Driving the market forward, however, is not a solitary endeavour rather, it is underscored by the pivotal role of teamwork in navigating the complexities of the real estate sector.
Following up on the “one-man job”, could we touch upon the place of a woman with an executive role in the Finance Department?
Karma Group is committed to continuous improvement through innovation and enhancing internal operating systems. Digital transformation is a strategic priority for all departments to ensure seamless processes within the organisation. The Finance Department is considered the backbone of the company, and Karma Group places particular emphasis on equipping it with robust IT tools to foster continuous improvement and competitiveness. In 2023, the Finance Department, the Chief Technology Officer (CTO), and Human Resources (HR) management established a collaborative effort to cultivate a healthy and successful organisational environment.
As the Finance Director, I recognise the importance of self-discipline, communication, and teamwork to achieve shared goals. A well-functioning team is fundamental to cultivating a shared vision and objectives, akin to the roots of a tree, ultimately yielding fruitful outcomes. The inclusion of women in executive roles within the Finance Department serves as a testament to Karma Group’s commitment to gender diversity, fostering an environment conducive to excellence and inclusivity. Meritocracy is embraced over gender to value individual contributions, ultimately driving thorough decision-making, heightened innovative success, and more incisive critical analysis of business issues.
What are your dreams and aspirations career-wise as a Finance Director of one of the top Real Estate companies in Cyprus?
Assuming the role of Finance Director at Karma Group is a significant accomplishment for me. Karma Group is a respected entity with a rich history in the real estate industry. I find the company’s unwavering commitment to delivering excellence and upholding the highest ethical standards in line with my values. Joining a company that values teamwork and interdisciplinary collaboration aligns with my professional ethos and personal goals.
As Finance Director, I am responsible for safeguarding the group’s long-term financial health and fostering its growth trajectory. My role involves conveying financial information comprehensively to management to formulate a robust action plan and positively influence Karma’s organisational strategy. Establishing and nurturing a constructive working relationship with the CEO, fellow Directors, and colleagues is paramount for the dissemination of well-informed perspectives on internal processes, customer needs, and industry dynamics. The fusion of financial insight with a strong commercial knowledge base facilitates sound, long-term financial planning and ensures alignment with organisational goals.
Remaining attuned to industry trends and anticipating the transformative impacts of evolving technology on the broader real estate business is pivotal for the finance department under my purview. This forward-thinking approach is integral to positioning Karma Group as a trailblazer in the dynamic real estate landscape.
In addition to my professional objectives, I recognise the importance of realising personal aspirations within the Karma Group. Advancing my career trajectory involves a commitment to continuous professional development and gaining expertise in the intricacies of the real estate industry. In September 2024, I will commence my Master of Science (MSc) in Real Estate to equip myself with up-to-date knowledge of emerging laws, regulations, and compliance standards, as well as deepen my understanding of the international dimensions of the real estate market. The attainment of this advanced degree will significantly contribute to Karma Group’s objectives by enhancing its ability to expand and diversify its real estate portfolio, mitigate risk levels, and fortify its commitment to corporate sustainability. Through this educational initiative, I aspire to bring added value to the organisation and contribute to its continued success in the ever-evolving real estate landscape.
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claudia@karmadevelopers.com.cy
16 Kennedy Avenue (Kapparis), Paralimni
