About the
KARMA Group

Established in 1985, Karma Group has grown to become a key player in the Cyprus property industry.

For more than 35 years, the Karma Group has built strong relationships with its clients, thanks to its commitment to integrity, honesty, and quality. Faithful to its friendly, customer-oriented approach and all-important aftersales care.

Today, the Group has delivered more than 4000 superior properties, and continues to offer enticing new projects, with unique designs, in highly sought-after locations all along the stunning Eastern coastline of Cyprus. Karma Group is made up of a number of companies, each offering a different set of value-added services to our clients.

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Properties Delivered

History of the KARMA Group Companies

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1985
Karma Developers

KARMA Developers, the first member of KARMA Group, was established in 1985. Today KARMA Developers has flourished by delivering more than 4000 quality properties and is continuing to evoke offering great new projects with unique designs and sought-after locations along the stunning Eastern Coastline. KARMA Developers is considered the leading company of the Group.

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1990
Multiflow

Multiflow was established in 1991 and is based in Larnaca, Cyprus. The main activities of the company are providing mechanical engineering studies, designs, installations and maintenance. Since 1991, the company has accomplished more than 2000 public and private projects.

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1998
Karma Hellas

KARMA Hellas was formed to offer turnkey apartments for students, investors and permanent residents right in the centre of Athens. Since 1995, KARMA Hellas has proudly announced several completed evelopments in the capital city of Greece.

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2003
Karma Rentals &
Karma Property Management

KARMA Property Management was created to give to our clients the Tender Loving Care to their properties that was needed and help them make the best of their investments by offering a huge range of services including property rentals, maintenance, and cleaning. Since 2003, KARMA property management can undertake any task required by the customers by offering them excellent service, reliable property management and maintenance.

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2004
Eden Square

EDEN Square multiplex area, was established in 2004 and today has become a landmark of the tourist and hospitality industry offering tasty local and International Cuisines, amazing cocktails and nightlife entertainment. Eden Square consists of three restaurants, two bars, a children’s playground and a new upcoming elite nightclub.

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2010
Karma Charity

KARMA Charity was established in 2010 and its main concern is consumer awareness. The charity organises annual events to help vulnerable groups.

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2016
Karma Construction

KARMA Construction was established in 2016 with the goal of undertaking constructions for simple and complex buildings with well trained scientific personnel and machinery.

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2020
The American University of Cyprus

Developing higher education standards in Cyprus, The American University of Cyprus (AUCY), an institution that aims to provide the best-in-class levels of university learning. The vision and the mission of AUCY is to provide high quality standard of education to all Cypriot and non-Cypriot students, supplying them with academic excellence, theoretical and practical and subsequently enabling them to excel in the job market upon graduation. KARMA Group is participating as a partner to AUCY.

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Karma Developers
KARMA Developers, the first member of KARMA Group, was established in 1985. Today KARMA Developers has flourished by delivering more than 4000 quality properties and is continuing to evoke offering great new projects with unique designs and sought-after locations along the stunning Eastern Coastline. KARMA Developers is considered the leading company of the Group.
Multiflow
Multiflow was established in 1991 and is based in Larnaca, Cyprus. The main activities of the company are providing mechanical engineering studies, designs, installations and maintenance. Since 1991, the company has accomplished more than 2000 public and private projects.
Karma Hellas
KARMA Hellas was formed to offer turnkey apartments for students, investors and permanent residents right in the centre of Athens. Since 1995, KARMA Hellas has proudly announced several completed evelopments in the capital city of Greece.
Karma Rentals & Karma Property Management
KARMA Property Management was created to give to our clients the Tender Loving Care to their properties that was needed and help them make the best of their investments by offering a huge range of services including property rentals, Property Management and Cleaning. Since 2003, KARMA property management can undertake any task required by the customers by offering them excellent service, reliable property management and maintenance.
Eden Square
EDEN Square multiplex area, was established in 2004 and today has become a landmark of the tourist and hospitality industry offering tasty local and International Cuisines, amazing cocktails and nightlife entertainment. Eden Square consists of three restaurants, two bars, a children’s playground and a new upcoming elite nightclub.
Karma Charity
KARMA Charity was established in 2010 and its main concern is consumer awareness. The charity organises annual events to help vulnerable groups.
Karma Construction
KARMA Construction was established in 2016 with the goal of undertaking constructions for simple and complex buildings with well trained scientific personnel and machinery.
The American University of Cyprus

Focusing on developing higher education standards in Cyprus, The American University of Cyprus (AUCY), an institution that aims to provide the best-in-class levels of university learning. The vision and the mission of AUCY is to provide high quality standard of education to all Cypriot and non-Cypriot students, supplying them with academic excellence, theoretical and practical and subsequently enabling them to excel in the job market upon graduation. KARMA Group is participating as a partner to AUCY.

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2020

Meet the KARMA Team

Nicolas Karoullas

Chief Executive Officer, KARMA GROUP

Nicolas Karoullas has been leading KARMA Group since 2009. He has extensive executive-level management and solid real estate industry experience. As the group’s CEO, he ensures the development of an effective organisational structure and promotion of a positive internal climate.

Under his visionary management, the Group expanded its operation in times of financial crisis, increased its turnover by 50% and delivered the biggest project in Famagusta Region: the Mythical Sands Resort and Spa. He holds a degree in Business Management and is an active member of the Cyprus Building and Land Development Association and the Famagusta Chamber of Commerce.

Our Team

Pavlos Tsiolakkis has been a member of KARMA Group since 2012. He started his career in the Group as a Financial Controller and has gradually grown to his current role as Executive Director. Before joining KARMA, he worked for big Accounting Firms as an Auditor.
Pavlos’ main responsibilities in KARMA include financial and business analysis, projects management, and budgets and liquidity evaluation. He holds a degree in Business Administration with a focus on Accounting & Finance and a Diploma from ACCA.

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Pavlos Tsiolakkis

Executive Director,
KARMA GROUP

Leandra Papantoniou has over 15 years of experience in the real estate market. She started as a real estate agent working in local companies and selling to many clients including KARMA Developers.
In 2011, she joined KARMA Group as a Sales Executive and have progressed and grown over the years to her current role: leading, co-ordinating and organising the Sales team.
She has handled many important projects such as Joint Venture co-operations and have managed to build longlasting relationships which have led to further investments for the Company.

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Leandra Papantoniou

Sales Director,
KARMA GROUP

Lefteris Souttos has been working for KARMA Group since 2014. He has over 10 years of experience in the real estate sector.
His expertise focuses on Sales, Marketing and Business Development in international markets such as the UK, Russia, Iran, China, the Middle East.
As a Business Development Director, he is in charge of the promotion of KARMA Developers and the global expansion of its business. Lefteris holds a degree in Business Administration and an MBA with dual concentration in Tourism and Finance.

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Lefteris Souttos

Business Development
KARMA GROUP

Demetra Lili had over 32 years of accounting experience in local firms before joining the KARMA Group. She joined KARMA Group in 2008 as an accountant for the EDEN SQUARE group of restaurants and was later promoted to her current position of Chief Accountant of the KARMA Group. Currently in charge of the KARMA Group accounts team and its activities, as well as handling payments, accounts, audits, payroll, and banking affairs of the KARMA Group, she also is the coordinator between Joint Ventures of the company.

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Demetra Lili

Chief Accountant,
KARMA GROUP

Alexandros Alexi joined KARMA in 2017. However, he has over 15 years of previous experience in the real estate sector. During his career, he has worked for big projects both in Cyprus and Dubai. As a Construction Manager, he coordinates the progress of projects and is responsible for the staff of the construction department, tenders and materials used, payments of subcontractors and suppliers, meeting with clients, work quality and project cost control. Alexandros is a Civil Engineer and holds a Bachelor Degree in Civil Engineering.

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Alexandros Alexi

Chief Engineer,
KARMA GROUP

Antri Kkolou has been working for the KARMA Group since 2007, beginning her career as a Salesperson for KARMA Hellas. In 2008,she started working exclusively in the Cyprus Sales Department, successfully selling properties until the end of 2017. In 2018 she headed a new company in the KARMA Group, Karma Consulting and Rentals, and now focuses on providing KARMA clients support throughout the lifetime of their property ownership with rental services, bank negotiation, and resale services.

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Antri Kkolou

Manager,
KARMA CONSULTING & RENTALS

Elena Tzvetkova has worked in the KARMA Group since 2017 and has been working in hospitality throughout her career.
As the manager of Karma Property Management, she supervises technicians’ daily duties and oversees the administration and liaison with sub-contractors and customers, also dealing with customers’ needs and complaints. She holds diplomas in Hotel Management and Interior Design Higher and is also a certified Quality Assurance Manager. Her aim is a customer satisfaction and the immediate efficiency.

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Elena Tzvetkova

Manager,
KARMA PROPERTY MANAGEMENT

Alexandros Alexi joined KARMA in 2017. However, he has over 15 years of previous experience in the real estate sector. During his career, he has worked for big projects both in Cyprus and Dubai. As a Construction Manager, he coordinates the progress of projects and is responsible for the staff of the construction department, tenders and materials used, payments of subcontractors and suppliers, meeting with clients, work quality and project cost control. Alexandros is a Civil Engineer and holds a Bachelor Degree in Civil Engineering.

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Constantinos Karoullas

Manager,
EDEN GROUP of Restaurants & Bars

Welcome to
KARMA

It’s with great pleasure that I welcome you at Karma Family!

Established in 1985, Karma Group was the first Developing Company at the East Coast Cyprus after the War of 1974. The Vision of the Founder, Mr. Pambos Karoullas was to create unique residential and commercial developments at the coast which will make the area a destination for locals and international investors, as also as holiday makers who would like to have a home at the most sought-after areas of the East Coast.

Growing up at the East Coast, I have learned that ‘’luxury’’ is the quality of life and necessarily the materials. This is what we want to provide our customers, a new life, a new experience which will create unforgettable memories.

Inheriting the family business in 2009 after the sudden death of the founder, our aim was to create one of the most dynamic group of companies in Cyprus which will not only be related to Real Estate Developments and Construction but also in Hospitality, Tourism and Education having always in mind the principles and values where this Group was built on!

Building strong relationships with our clients, partners and associates was always a key priority and this is something we will always do!

“Good” may be good enough for some, but most of us want more than that. We want to be part of a team whose members, even years later, will be remembered for what they accomplished. We want to go for the best! This is our motivation!

Enjoy the experience!

Sincerely,

Nicolas Karoullas, CEO