CEO George Ioannou's 5-year plan for Korantina Homes and Cap St George's Hotel & Resort

The iconic Cap St George's Hotel & Resort lies on the bustling and culturally rich Agios Georgios Cape in Peyia.

There, with the backdrop of Cleopatra's islet and the unique sunset casting its last rays of the day, George Ioannou, CEO of Korantina Homes, talks to us about his challenging business journey. A journey that led to the creation of Paphos' largest land development company.

He also explains how he and his team intend to place Cyprus on the map of prestigious global destinations by 2030.

The Korantina team is preparing great things for the future...

Just a few days before Christmas, we found ourselves at the iconic Cap St George's Hotel & Resort which had just put on its festive attire.

There, we were welcomed by some of the members of the Korantina family - as George Ioannou prefers to call his associates - until he himself appeared to join our conversation, with the simplicity and cordiality of people who know what hospitality means.

This meeting came ahead of a two-day experience that had it all: a bike ride on the resort's seven-kilometre bike path, harvesting organic fruit from its large orchard, and a visit to the Roman archaeological site and the port of Agios Georgios. There was also horseback riding on beautiful trails, walks by the sea and unique gastronomic experiences at the resort's restaurants.

Experiences that, with a taste of quality and an aftertaste of luxury, made us understand why it is considered one of the largest and most comprehensive, quality resorts in the Mediterranean, while getting us ready for the great things the Korantina team is preparing for the future.

Perseverance and dedication

The spark for what followed was ignited during George Ioannou's teenage years, when, due to the need to financially support his family, he began working on construction sites and later as a real estate salesman for land development companies. This period gave him valuable knowledge about the dynamics and prospects of the sector.

"Creating buildings has always fascinated me, and so, in the early 90s, I dared to start my own business, Korantina Homes," he explains.

Although the company started with very small projects, in a demanding market, as Ioannou recalls, the hard work and vision of himself and his team - to whom he credits every success - led to the creation of large and ambitious projects, such as the multi-award winning Cap St. George's Hotel & Resort. A landmark project for the Paphos area and for the whole of Cyprus.

Of course, there were obstacles on the path of the founder of Korantina, like any road that leads to the top. Along this path, there were several difficult moments, the most intense of which defined him, such as when he first started, but also the prolonged economic crisis in Cyprus.

His passion for creation and the desire to offer something unique were the forces that pushed him to overcome any difficulties, building a pioneering company in the land development sector, with subsequent expansions into the tourism sector.

"After all, through these difficulties you learn that only with perseverance comes success. No matter how many times you fail, you must always continue, evolve and never lose focus of your goal, your vision," he describes, emphasising that what has been achieved is the result of continuous effort, teamwork and commitment to excellence.

Korantina's flagship

Korantina Homes has built a broad portfolio over the years, with dozens of luxury developments. However, Ioannou considers his greatest and most important business achievement to date to be the creation of Cap St. George's Hotel & Resort.

Apart from the fact that this is a development that set new standards of quality and sustainability, gaining international recognition, it was something that he himself had envisioned long before his company acquired the first plot at the Ayios Georgios Cape in Peyia.

The Korantina team went above and beyond and managed to create, on an area of ​​580,000 square meters, the first phase of what initially seemed impossible.

“This place has an incredible energy, you can definitely feel it,” he tells us with enthusiasm and a twinkle in his eyes. “An energy that is enhanced by the history and legends that our residents and visitors explore only here.

Those of the Goddess Aphrodite, the heroes of the ten-year Trojan War, the lost city of Acamantis and the love stories of Cleopatra, who was allegedly found in the area with her son Caesarion."

To the cultural treasures - such as the Roman archaeological site and the early Christian basilicas with the bathhouse - is added an attractive natural environment that the Cap St. George's Hotel & Resort team protects and enhances.

"The sea caves are a refuge for seals and we take care of them in every way," he says, inviting us to the upcoming scientific conference on the Monachus Monachus seals, which is organised every year at the resort.

The history, the cultural heritage, the natural environment - even the vegetation consists only of endemic plants of the region - the countless experiences offered, the highly aesthetic design and the architecture fully harmonised with the natural environment, the continuous events organised at the resort - in which the residents of Peyia also participate - are just some of the elements that have contributed to the area already becoming a global destination for investors and visitors.

"For its residents, Cap St. George's is more than a project, it is a complete resort, it is their community. Within it they can enjoy the services they need and desire, as well as have unique experiences.

"It combines distinctive architecture, high aesthetic design and exceptional services. A destination that appeals to demanding customers from all over the world. It is no coincidence that it is one of the largest integrated resorts in the Mediterranean," Ioannou explains.

A culture of giving

The district of Paphos constitutes the core of Korantina Homes' Corporate Social Responsibility and contribution, as the company's success is inextricably linked to its substantial contribution to society.

Its support, notes Ioannou, extends beyond business activities through which it creates many direct and indirect jobs, supporting the local economy and contributing to the overall development of Paphos.

Through educational scholarships, sports sponsorships, cultural events and partnerships with local professionals, the company creates opportunities for all, while strengthening the economy, social cohesion and environmental protection of the region.

"Our contribution to Paphos and its people has a timeless dimension and is a core value of our company," concludes Ioannou, who is also a Paphos resident himself.

"On the other hand, through our business activities, we contribute to the development of Cyprus, to the upgrading of its tourism product and to the strengthening of quality tourism, attracting investments and high-level visitors."

The vision for 2030

But then there's the next part, a “sequel”, with a new phase for Cap St. George's Hotel & Resort, and as if on purpose, Ioannou saved the best for the end of the interview. Full of passion and energy, he begins to describe his goals for new projects at the resort, with a completion date of 2030, after first making it clear that he has no plans to expand with projects in other cities or even countries.

"No need. All of us at Korantina want to focus our energy on Paphos and our vision: To place our Cape and by extension Cyprus on the map with the top global destinations mainly for High Net Worth Individuals, both for residence and tourism. What is St Tropez like? How is it that when you mention London you automatically think that it is in the United Kingdom? Mykonos, Tel Aviv, Ibiza, Mallorca? That is what we want to achieve, to say Cap St George's and to know where Cyprus is."

The next phase, which will bring Ioannou and his team one step closer to their goal, is already progressing at a rapid pace. Some of the projects planned, with a completion horizon of 2030, are:

• The renovation of the square at the harbour of Agios Georgios,
• the Waterpark and the mini Golf course simulator for the needs of the resort,
• the state-of-the-art rehabilitation and recovery centre for Cypriot and foreign athletes,
• the school - from kindergarten to high school -,
• the clinic which will include, among other things, a plastic surgery department, an oncology center and a specialized testing center for disease prevention.

“With these projects already on track for implementation, the resort is getting closer to completion and achieving our vision of becoming a global destination of quality and prestige.

Already over 1,000 people reside at the resort, with this number predicted to increase significantly in the coming years," he notes.

The land development sector

What are the biggest challenges facing the land development sector today?

The sector in Cyprus is facing challenges on several levels. Geopolitical changes and global economic instability are hampering our efforts to open new markets while at the same time contributing to the reduction of business volumes from traditional markets for Cyprus.

On the other hand, we have to deal with the increase in prices of building materials and the serious issue of staff shortages.

What do you predict the direction of the sector will be in 2025?

I am optimistic about the course of the industry in 2025, even though economic uncertainty is great due to geopolitical changes, mainly in our region.

The resilience of the Cypriot economy and the forecasts for strong growth in 2025 and 2026 convey optimism to our industry as well.

The tourism sector

Are you concerned that the vast majority of tourists we attract as a country do not fall into the category of what we call quality tourism? What needs to change?

Cyprus can only attract quality tourism with a strategy focused on quality. The development of luxury infrastructure, the promotion of cultural heritage and the creation of authentic experiences are critical prerequisites.

There is much that can be done immediately in this direction by the Government to upgrade our tourism product and support the attraction of quality tourism:

Upgrading our airports, better utilization of our beaches, providing incentives for the creation of high-standard facilities and creating experiences through our tradition and the beauty of Cypriot nature.

• KORANTINA HOMES

Korantina Homes was founded in 1990 by George Ioannou and has evolved into a leading land development company in Cyprus, headquartered and operating in Paphos.

It innovates and is at the forefront of developments in its field, offering properties that combine quality, aesthetics and sustainability, with projects such as Cap St George's Hotel & Resort, SOHO Resort, Royal Bay Resort, Golden View Villas, City Landmark and Inner City, among others.

These are developments located in selected, privileged areas, mainly coastal, and combine high levels of quality of life with a comprehensive range of five-star services and facilities (club services).

To date, it has completed many major projects, contributing significantly to the local economy.

It directly employs more than 600 people in sectors such as land development, construction, hospitality, cleaning, culinary services, technology and facility maintenance. At the same time, it creates many indirect jobs through partners and synergies.

The company's success lies largely in the fact that its corporate structure is unconventional, with its employees operating as a team and sharing the same goals and vision.

According to George Ioannou, "the recognition and recognition of the company, as well as the creation of all the pioneering projects and services, was made possible through the hard work of the people, the Korantina Homes team. A team that achieves great goals with passion and dedication."

(Source: InBusinessNews)