16.05.2022
No one can foresee the future, but in an ever-changing economic environment, it can sometimes be difficult to make investment decisions and plan ahead. Real estate is more tangible than other types of investment, allowing you to invest in your happiness and well-being, as well as your financial security and enrichment.
However, investing still mostly requires planning ahead and making educated guesses about where the markets will go. Today we met with Mr. Lefteris Suttos, Director of Business Development at KARMA Developers, the backbone of the development company on the east coast of Cyprus, to discuss the importance of careful planning, a clear vision and adapting to the market.
Q: You have been a member of the Karma Company for almost ten years now. How have you changed as a professional during this time?
I started my real estate career in 2006. Over the years I have had the honor and opportunity to meet many interesting and dynamic professionals, working alongside them and observing their way of doing business.
In this area, you need to be surrounded by a good team with different mindsets and skills. With different points of view and different strengths, the team teaches each other to be better by seeing all sides of the problem, preventing future complications and finding better solutions.
Real estate is a complex and dynamic environment. I have been fortunate that my professional career has been one of continuous learning and, more importantly, one that has given me solid knowledge of what to do and what not to do in my field.
Q: Man does not grow independently of his environment. How do you think the industry has changed during your career in real estate?
Real estate is one of the strongest collaterals in the Cypriot economy. When I first started, the Cypriot market was in a different place, it was quickly modernized to meet new standards of living and environmental protection.
Any market tends to be cyclical, with ebbs and flows in both supply and demand, as well as external geopolitical and economic factors creating barriers or opportunities. The real estate market has experienced both extremes over the past decade; companies that were able to adapt survived, those that were more inflexible did not.
In general, I would say that in my career I have seen three main eras: one era of expansion and modernization, one of reduction and increased regulation, and another of even greater expansion and improvement in the quality of goods.
We are currently seeing a slight decline in this era, especially due to external factors such as some fiscal policy changes in East Asia, but KARMA was able to change easily and remains strong and growing.
Q: Your experience in real estate spans different “eras” of the sector. What is your opinion on the current state of the property market in Cyprus in general and in particular in the Famagusta area?
Over the course of my career, I have seen the Cyprus property market not only grow, but really modernize, creating better products with better technology, a higher standard of living and respect for the environment.
The public and private sectors move side by side with each other, and each needs the support of the other in order to exist and develop. The Famagusta area in particular has a tiered base for commercial, residential and industrial development.
These developments are dynamic, constant and constantly changing until they are implemented because we are fortunate as an industry to have the flexibility to adapt to the needs of our customers. However, I believe that the public and private sectors still need to improve their collaboration to cope with these constant changes in order to better adapt to market conditions.
As the current cycle ebbs away, we are in the process of defining what the next real estate cycle and trend will be, creating new challenges and opportunities.
Q: Do you see a change in the demand for real estate in Famagusta in the coming years?
The Famagusta area was, of course, a beach destination known for its holiday spirit. Real estate has long covered vacation home, retirement, relocation and permanent residence needs, and this is likely to remain strong due to the natural setting.
However, company investments and educational services cannot be discounted. Cyprus has a highly educated and skilled population and with the increasing number of permanent residents in the area, many children grow up to be speakers of at least two languages. There are huge opportunities for companies looking for talented human capital.
In addition, the area has great potential to attract private universities and further expand private education. Students from Cyprus and abroad are finding that they can enjoy serene nature and exceptional weather all year round, attracting a new active population that will further increase human capital.
Q: Karma has a strong overseas customer base. International investors and partners play a key role in the development of the company, and you are at the forefront of this pillar of corporate activity. How do you cope with such a mission and how do you feel about it?
Competition in the international environment is a constant source of education and self-improvement of the company. Basically, every competitor offers a similar product, so we must learn to stand out. What makes us different? Why should anyone choose KARMA?
It is my pleasure to be at the forefront of our team and represent the majority of our international corporate audience and I am honored to say that professionals from all over the world trust us with this team. We have established partnerships with countries in Europe, the Middle East, the Gulf and throughout Asia, delivering on our promises and continually opening up new business cycles with our partners and employees.
Q: Where does the greatest interest in Cyprus and, in particular, in the Famagusta region come from?
Investors from different regions have different real estate interests, but interestingly, the Famagusta area has managed to become a destination for all of them. Whether your needs are a holiday home, permanent move, retirement or investment, the area can meet all of them.
In general, a good rule of thumb for international real estate investment is to invest where locals invest. They know the market well, right? Well, most of our audience comes from the local market. This gives a huge impetus to buyers coming from all over the world to choose to invest in our area.
Q: Adaptability on the one hand and a vision that becomes a plan that is successfully implemented are the two pillars on which the company’s future is based. What is Karma’s vision for their new development paths and strategies for the foreseeable future?
As we discussed earlier, adaptability and flexibility are important in order to respond well to market changes, but more than that, they are also an important way for us to deliver a better product to our customers.
We have divided our portfolio into three broad categories: Resort Collection, Lifestyle Collection and Signature Collection, each focused on different amenities and customer needs. However, we also have different types and sizes of properties in these categories, providing a wide range of quality homes to meet the diverse needs of our clients.
Given that we do business in an ever-changing environment, our vision is to build on the quality of our work and the values of our people. With new challenges ahead and with our motto “Building Relationships” we are moving forward, exploring more specialized development options and planning to use some fresh ideas.
