About the
KARMA Group

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

For more than 40 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 6000 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.

Play Video

Years of Excellence

Companies

Projects in Progress

Properties Delivered

0 +

History of the KARMA Group Companies

1985

Karma Developers

KARMA Developers, the first member of KARMA Group, was established in 1985. Today KARMA Developers has flourished by delivering more than 6000 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.

1995 - 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.

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.

2004 - 2026

KARMA HORECA

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.

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.

2020 - 2026

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.

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 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

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.

1985

1990

1998

2003

2004

2010

2016

2020

Meet the KARMA Team

Nicolas Karoullas has been leading KARMA Group since 2009. With extensive executive leadership experience and deep expertise in the real estate industry, he now serves as Chairman of the Group, providing strategic direction, overseeing corporate governance, and supporting the continued growth and long-term vision of the organisation.

Under his leadership, the Group successfully navigated challenging economic conditions, increased its turnover by 50%, and delivered one of the largest projects in the Famagusta Region, the Mythical Sands Resort and Spa. He is an active member of the Cyprus Building and Land Development Association and the Famagusta Chamber of Commerce.

Nicolas Karoullas

CHAIRMAN, KARMA GROUP

“It gives me immense pleasure to welcome you to KARMA Group. Whether you are looking to find your dream home, build a lucrative investment portfolio, relocate or managing your properties, our dedicated team is here to guide you every step of the way.

Since my late father founded KARMA Group back in 1985, the vision was clear: to create a real estate experience built on the foundation of transparency, integrity, and client satisfaction.

The market is constantly evolving. For us at KARMA Group, a truly exceptional property is defined by more than just its physical structure; it is the perfect harmony of its environment, its design, and its enduring legacy what makes a premium property development in Cyprus.

We believe that every great investment begins with the right address. Thank you for trusting us to be your real estate partner. We look forward to building a lasting relationship with you.”

Nicholas papadopoulos

CEO, KARMA GROUP

Mr. Papadopoulos brings extensive experience and expertise, derived from a diverse spectrum of markets, within the corporate and trade business environments in the regions of EMMEA, ASIA & EU and has demonstrated exceptional leadership, professionalism, and commitment throughout his career. With a strong foundation in business management, complemented by a Doctorate in Business Administration and global leadership training, he brings a unique blend of strategic vision, hands-on execution, and people-centric leadership. Passionate about innovation, operational excellence, and sustainable growth, creating lasting value and transforming businesses for the future.

Our Team

Leandra Papantoniou

Operations & Sales Director
KARMA GROUP

Leandra first discovered her passion & natural skills for real estate during 2004. She started out at Karma Group however moved on to grow as a real estate agent to gain further experience and knowledge. She returned to the place she calls home in 2011 as a Sales Advisor and has since excelled over the years to her current role as Operations & Sales Director: leading, co-ordinating, and organising key departments of the Group. As an experienced & valuable member of Senior Management, she is actively part of Strategic decisions made to achieve the vision and goals shared for the future.

Elena Vasiliou

Chief Financial Officer
KARMA GROUP

ACA-qualified finance executive with over 10 years of experience across audit, financial leadership, and strategic finance roles. Bringing a strong academic foundation with a Bachelor’s degree and a Master’s degree in Accounting & Finance graduated in UK. Currently serving as Chief Financial Officer of Karma Group within the real estate development sector, leading financial strategy, treasury management, investor reporting, and IFRS reporting across a multi-entity group. Trained with KPMG, bringing strong technical expertise in financial reporting, governance, and regulatory compliance. Proven ability to support senior leadership with strategic decision-making, capital structuring, and operational financial management while building high-performing finance teams. Combines strong commercial insight with technical accounting expertise to drive financial performance, improve operational efficiency, and support sustainable business growth. An active member of ICPAC and ICAEW and being part of the ICAEW Younger Members Committee in Cyprus, contributing to industry development through seminars and professional engagement. Holds certifications in blockchain technology applications in business and leadership, reflecting commitment to continuous learning and innovation in finance.

Maria Vasileiou

After Sales Manager
KARMA GROUP

Maria Vasileiou is a dedicated member of Karma Group with extensive experience in her field and over 10 years of experience in customer care. Her current role as Aftersales Manager since 2021has allowed her to grow and lead her team to thrive to provide a professional, reliable, and stress-free process throughout the construction period and after to all our buyers. Her strong belief in customer care and keen eye for detail have led her to bring further client satisfaction by earning the trust of her clients. Her role allows her to continue to improve and build further within the group.

Corina Charalambous

Legal Advisor
KARMA GROUP

Corina Charalambous Economou has joined KARMA Group in 2017 and holds the position of Legal Advisor at Karma Group. She supervises the Group’s legal affairs and is responsible for the preparation of commercial agreements. Dedicated in maintaining regulatory compliance, uses her expertise to contribute to the organisation of the Group. Capable in utilising complex information to provide sound and reliable advice to the team. Her excellence in communication and critical thinking have maintained valuable ongoing relationships with clients and professionals at all levels. Corina holds an LLB in Law and an LLM in Transnational Commercial Law.

Argyro Nikolaou

HR Officer
KARMA GROUP

Argyro Nikolaou joined Karma Group beginning of 2023 as an HR Officer to ensure the effective functioning of human resources throughout the organization. She is dedicated to promoting a positive organizational culture and to supporting the well-being of employees. With 5 years of background in human resources, she specializes in recruitment, onboarding, and employee relations. Her expertise lies in developing and implementing HR policies, ensuring compliance, and fostering a collaborative work environment. Holding a master’s degree in human resources from the University of Cyprus, she is passionate about supporting both organizational goals and the professional growth of team members.

Christos Psarras

Architects Department
KARMA GROUP

Christos has over 15 years of experience in designing, as well as in the Authorisation and Administration of major construction projects. Christos first joined Karma’s Architectural Department in 2008 where he progressed to becoming the head of the Groups Architect department. Christos decided to take his knowledge further and left the group in 2020 to become a “Health and Safety Supervisor”. With his vast knowledge in all areas of his profession he has now returned to Karma during 2023 to lead the architect department by offering further expertise and growth. He is a certified External Protection & Risk Prevention Services Officer (ΕΞΥΠΠ).

Pavlos Klonis

Chief Technology Officer
KARMA GROUP

Pavlos Klonis joined Karma Group beginning of 2023 and is an experienced professional in the field of technology, with a distinguished 20-year career in Computer Science and Software Engineering. As a dedicated software engineer, he used his skills and transitioned into a pivotal role as a project manager over the past decade, specializing in the digital transformation of numerous medium-sized corporations. Pavlos's expertise lies in orchestrating seamless technological transitions, leveraging his profound insights into the challenges of the software industry. His commitment to innovation and ability to navigate the evolving landscape have positioned him in an advantageous position to steer Karma group towards technological excellence.