Evangelia Eliadou on Pafilia’s new projects, the rising demand for holistic living spaces and the industry’s challenges

2024 has been a year of both reflection and accomplishment, says Evangelia Eliadou, Executive Director of Pafilia, who says she looks forward to continuing the company’s mission to redefine real estate excellence through pioneering developments in 2025.

As 2024 comes to an end, how would you assess the past year as regards the overall real estate sector in Cyprus and Pafilia in particular?

2024 has brought its share of challenges for the real estate market in Cyprus, with regional geopolitical disturbances undoubtedly impacting many and creating a chain of effects across the industry. However, there is much to be optimistic about. The investment sector, coupled with Cyprus’ renowned lifestyle, favourable tax incentives, strategic location and exceptional quality of life, has demonstrated remarkable resilience, fostering steady growth even in such turbulent times.

Globally recognised for its unique appeal, Cyprus continues to be a favoured destination. In this dynamic environment, Pafilia has done better than anticipated, achieving significant milestones thanks to our diverse portfolio and focus on premium developments. As a leader in pioneering design, architecture and landscaping, Pafilia’s unwavering commitment to excellence is now yielding results. Our perceptiveness in diversifying our product, combined with our dedication to innovation, has enabled us to deliver world-class developments that redefine standards in the industry.

2024 is proving to be a year of both reflection and accomplishment, as we continue to build on our legacy of excellence and drive the vision of Cyprus as a premier destination for investment and living.

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What are the main challenges that the sector has been facing recently and in what ways can they be overcome?

The real estate sector in Cyprus, as in many global markets, faces a series of interconnected challenges that demand innovative and proactive responses. One significant issue over the last few years has been the rise in construction costs, driven by inflation, supply chain disruptions and increasing demand for high-quality materials. This has required developers to adopt more efficient project management practices and explore sustainable alternatives that align with both cost control and environmental goals. Additionally, the sector has had to adapt to regulatory changes and geopolitical uncertainties, which influence both local and international investor confidence.

Shifting buyer preferences have added another layer of complexity, as today’s buyers expect to be offered properties that incorporate cutting-edge technology, energy efficiency and wellness features. For Pafilia, addressing these challenges involves prioritising innovation and design at an early concept stage, before adopting advanced building techniques to leverage smart technology that enhances both the construction process and the living experience. Furthermore, we remain focused on sustainable practices, such as designing developments like Minthis with nature in mind, ensuring harmony between the homes and natural environment. Our approach involves building strong relationships with stakeholders – from local authorities to global clients – to maintain trust and transparency. By understanding the broader trends and anticipating market needs, Pafilia is well-positioned to navigate these challenges and deliver enduring value to our clients.

Pafilia Plaza

What are the main projects that Pafilia has been working on this year?

This year, Pafilia has achieved significant milestones across a diverse range of projects that reflect our vision for excellence in property development. Minthis, our flagship project located in the wine-producing region of Paphos and rooted in nature, continues to evolve as a premier lifestyle destination. Before the end of the year, we are preparing to launch a new neighbourhood featuring meticulously designed luxury villas and apartments, offering residents a seamless blend of natural beauty and modern living.

In Athens, Iliso Suites has progressed substantially in its construction, embodying the pinnacle of urban sophistication and contemporary design. Back in Cyprus, Konia Green has emerged as a community-focused development in a tranquil suburban setting, while Coral Vista presents stylish coastal villas with breathtaking views, perfectly capturing the essence of Mediterranean living. Additionally, Pafilia Plaza, a luxurious urban development in the heart of Kato Paphos, highlights our commitment to redefining city apartment living with modern, innovative designs.

These projects underline Pafilia’s dedication to catering to diverse lifestyles, from resort-inspired retreats to dynamic urban residences, meeting the needs of our global clientele.

Minthis

What are the main trends we can expect to see as regards the development of luxury real estate projects in 2025?

In 2025, luxury real estate will increasingly centre around sustainability, wellness-oriented living and the seamless integration of advanced smart technologies. Buyers are expected to seek bespoke properties that harmonise exceptional design with functionality and a commitment to environmental responsibility. Additionally, the rise of hybrid developments that integrate residential, commercial and leisure spaces within cohesive, community-focused environments will play a defining role in urban transformation. These trends reflect a growing demand for spaces that prioritise holistic living, offering not just a home but an enhanced lifestyle experience.

Minthis

What are the company’s plans for the year to come?

Pafilia remains steadfast in its mission to redefine real estate excellence through pioneering developments. As we look to the year ahead, our plans are both ambitious and purposeful. Minthis, our flagship project, will continue its evolution with the addition of new properties and enhanced facilities, further enriching its reputation as a premier lifestyle destination that seamlessly blends luxury with nature.

In Kato Paphos, we are excited to introduce a new residential development near the seafront, offering an exceptional coastal living experience defined by quality and sophistication. Additionally, in Limassol, we are embarking on a groundbreaking mixed-use development. This vibrant community will combine residential, commercial and leisure spaces in a singularly dynamic destination that meets the diverse needs of modern living.

By investing in innovative design, sustainable practices and client-focused solutions, Pafilia reaffirms its commitment to exceeding the expectations of global investors and residents, shaping the future of real estate in Cyprus and beyond.

This interview first appeared in the December edition of GOLD magazine. Click here to view it.