Home is where the story begins. It incepts in our dreams flouring with hopes nurtured by the warmth and safety that one experiences at home. This might have been mere a quote for many. However, during the Covid-19 pandemic, each one of us felt the importance of having and living at home.
Pafilia Property Developers, as the largest private residential developers in Cyprus, has been catering to the individuals in search of a safer and humble abode since before the pandemic. Since its inception, the company has been by par in adapting technology and innovation to meet the current market needs.
Evangelia Eliadou, Executive Director of Pafilia, explains the company’s unique approach that has established Pafilia among the top property developers. “We believe that quality and design is what truly sets us apart, we are committed to delivering concept orientated lifestyle destinations and desirable communities that people are proud to call their home,” says Evangelia.
Read the following interview to know how Pafilia has imprinted its presence in the global market and how the company is dealing with the severe repercussions which the real estate sector is experiencing during the ongoing Covid-19 pandemic.
Give us a brief overview of Pafilia, its vision, and the key aspects of its strong foothold in the real estate industry.
Founded in 1977, Pafilia is the largest privately-owned residential developer in Cyprus, dedicated to developing world-class properties for personal living and investment. Uncompromising in delivering the best in concept, design, quality, and service, we have earned a trusted reputation with over 46 international awards and we continue to transform and set the benchmark for the Cyprus real estate sector.
Our flagship developments include MINTHIS, integrated residential leisure and lifestyle resort within a nature reserve, ONE – the tallest residential seafront tower in Europe, and NEO, the most prestigious address on the Limassol promenade.
What makes Pafilia a preferred choice among your clientele over other competitors?
Pafilia offers a total solution to both investment and lifestyle purchasers with a comprehensive array of pre- and post-sale services. Our collection of subsidiary companies, services, and enterprises cover all aspects of property ownership and resident lifestyle needs from financial services to wealth management, property maintenance, rentals, and resales.
Our extensive experience, personal service, and proven track record together with our diverse property collection, which ranges from modern houses, Mediterranean villas and apartments, to integrated leisure resorts, skyscraper towers, and private estates, ensure we have a competitive edge, offering clients unbeatable quality and value for money.
While our portfolio is diverse, our focus remains fixed on the creation of prime properties with advanced yet timeless architecture that provide an unparalleled lifestyle for their residents. To this end, quality is at the core of everything we do, from concept to construction and from the partnerships we forge to the ongoing service we provide. Each project is built to the highest standards and exists as an exemplar of superior living.
From a business leadership perspective, what is your opinion on the impact of the current pandemic on the real estate development sector and the related market?
There are no doubts that the Covid-19 pandemic has disrupted the real estate industry and the economy across the world. It has altered the way we live, travel, and conduct business. This as well as the suspension of the Cyprus Investment Program, has created some uncertainty in the property market that also had a significant effect on many other industries.
This uncertainty will undoubtedly continue until world travel can safely resume. Cyprus has always been a favoured lifestyle destination and attracted investors from all over the world, and now more than ever people are looking for a plan B or second home, a place where they can feel safe and find an escape.
What is your opinion on the necessity for businesses to align their offerings with newer technological developments, especially when it comes to changing trends and customer preferences?
The real estate market has a lot to benefit from digitalisation initiatives. Digitalisation can simplify the buying process and reduce costs for all participants. At the same time, it can also enhance transparency, making the Cyprus property market even more appealing for foreign investors.
At Pafilia, we have a strong commercial team that has embraced new technologies and adapted quickly to new methods working remotely with clients. We have developed a range of tools that enable them to easily connect. From live online property viewings to videos that demonstrate the quality and scale of the projects to presentations and conference calls, our buying process has been transferred online so clients can purchase properties from the comfort of their homes.
In your opinion, what could be the future of the real estate development market post the COVID-19 pandemic? And how are you strategizing your company’s operations for that future?
We are positive about the future despite all the changes. Cyprus is, and has always been, an ideal lifestyle and investment destination thanks to the Mediterranean weather, strategic location at the crossroad of three continents, and favorable tax regimes.
The pandemic has fundamentally changed people’s perspectives on life as well as the way we live. For many people, the home has become a hub from which we work, exercise, learn, socialise, and relax. With demands on the home expanding and people having had time to reflect on the way they live and use their space, these changes will inevitably affect the real estate market. We are seeing now that many people have a desire for more space, to have their own private outdoor space, and to live outside of urban cities in smaller communities or to have a second home in sunnier areas.
This new trend is in our and Cyprus’s favour so although times are difficult now, we are confident that when travel restrictions are lifted, we are in the best position to offer clients a new way of living, to encourage international investment, re-generate interest, and boost activity in the Cyprus real estate market.
With all this in mind, our strategy is to enrich our diverse property portfolio by continuing to develop outstanding homes with lifestyle benefits, whilst focusing on growth in the markets and widening our influence in the real estate sector.
If given a chance, what is the one thing that you would change about the business ecosystem in your respective market?
Pafilia is continuously pushing the boundaries and introducing new standards, not just through the quality and finishes that we use but also through our design and innovation. Our unified and focused strategy demonstrates how companies can continually engage in new initiatives to enrich and strengthen the environment as well as supporting the long-term sustainability of local communities.
For example, our flagship development in Limassol, ONE, has been ranked alongside some of the world’s most prestigious and iconic projects that are launching this year (source 1BM). The tower highlights the vast changes we have seen in recent years in the construction sector and the fact that with our pioneering design we have brought new technologies and evolved the skills of the local construction workforce in our country.
How do you envision sustaining your company’s competency in a cutthroat and volatile world of business? Where do you see your company in the next five years?
At Pafilia we embrace change, we have a talented team, outstanding products, and solid foundations. This combined with our passion and determination gives us the ability to continually evolve. A pioneering spirit is embedded deep in our culture and despite the difficult conditions, we have stayed true to our core family values, placing people and communication at the centre of our business.
Our experience, scale, and financial stability form a strong backbone for
our business and we pride ourselves on our innovative approach to contemporary design and architecture. With our keenness to embrace new technologies and by keeping our minds open to fresh thinking we will continue to develop some of Europe’s most iconic real estate projects.