“When housing costs rise faster than incomes, accessibility can narrow for parts of the local workforce, which can gradually limit the breadth of sustainable demand. Healthy real estate markets depend on depth as well as quality, so resilient growth ultimately comes from balancing strong investment performance with long-term social and market sustainability,” Kyriaki Christodoulou, group finance Director if Pafilia and recipient of one of this year's CBN Young Dragon Award in recognition for her contribution to construction and real estate, suggests.
In an interview with GOLD magazine, following her acclamation at the Awards, she notes that the Cypriot real estate industry is going through cycles of volatility and reinvention. For that reason, she emphasises the need to balance investment with social and market sustainability.
She believes that profitability and responsibility can coexist, through the creation of development that retain long-term value and positively shape the environment. Pafilia is bringing to life multiple such developments, at “premium destinations designed around landscape, sustainability and low-density living.”
Christodoulou also reflects on her win at the CBN Young Dragon Awards, and shares advice with other upcoming young professionals.
The property sector in Cyprus is constantly going through cycles of volatility and reinvention. Where do you see the biggest financial risks today?
The construction and real estate sector in Cyprus remains a major driver of growth, investment and employment. High-quality developments continue to reshape our cities and attract international interest, reinforcing long-term confidence in the market. In my role as Group Finance Director at Pafilia, I see first-hand how thoughtful, strategic development creates lasting value and supports Cyprus’ evolution as a modern, dynamic economy. At the same time, one of the sector’s key financial risks today relates to long-term market depth and affordability. When housing costs rise faster than incomes, accessibility can narrow for parts of the local workforce, which can gradually limit the breadth of sustainable demand. Healthy real estate markets depend on depth as well as quality, so resilient growth ultimately comes from balancing strong investment performance with long-term social and market sustainability.
As Group Finance Director, how do you balance business expansion with financial discipline, and profitability with responsibility?
Such balancing starts with clarity of positioning. Our strategy is deliberately focused on the premium segment, where Cyprus has a strong competitive advantage and international demand. As Group Finance Director, my role is to ensure that expansion in this space remains disciplined – grounded in rigorous financial analysis, careful capital allocation and realistic absorption assumptions. Profitability and responsibility in our context mean creating developments that retain long-term value and positively shape their environment. Pafilia’s landmark project, Minthis, is a good example: a premium destination designed around landscape, sustainability and low-density living. Such projects are more resilient across cycles and strengthen Cyprus’ international reputation. Responsible growth therefore reinforces our premium focus, while ensuring that expansion remains financially sound and sustainable.
How does winning a CBN Young Dragon Award reshape the expectations you place on yourself, going forward?
Winning a CBN Young Dragon Award is both an honour and a responsibility. It reminds me of my commitment to support emerging talent and create opportunities for others, just as mentors and leaders once did for me. Early in my career, as a young professional in a Big Four firm, I attended an Audit Committee meeting and remember being struck by how homogeneous it was – entirely older and male. I was told, half-jokingly, that one needed grey hair to sit at that table. This award signals how much those expectations are evolving. It motivates me to keep raising standards for myself while actively opening doors for the next generation – ensuring that leadership is defined by capability and contribution, not age or gender.
Looking back on your journey so far, what is the biggest lesson you have learned and what advice would you offer to ambitious young professionals?
The biggest lesson I’ve learned is to remain true to myself and be fearless. I’ve learned not to compromise on who I am or what I believe in, and to approach opportunities with the mindset that the world is full of possibilities. Having been an athlete in my teenage years, I learned early on that a career is not a 100-metre sprint but a marathon, so it’s important to stay resilient, pace yourself and enjoy life along the way, because life is short. My advice to young professionals: trust yourself, be courageous in your choices, work hard and build financial independence – it gives you the security and freedom to walk away from what isn’t right and shape your own path.
KYRIAKI CHRISTODOULOU
As Group Finance Director of Pafilia, Kyriaki Christodoulou leads financial strategy and ensures robust governance. She is a strong advocate for harnessing technology and business intelligence tools to modernise financial processes and support data-driven decision-making. Her initiatives have enhanced transparency, streamlined reporting and created more meaningful insights across all business units, directly supporting sustainable growth and long-term success. Her international experience adds significant value. During four years in the UK, she led audits of some of the largest oil and gas clients, navigating a traditionally male-dominated industry and travelling to locations such as Nigeria and Bermuda. This experience showcased her adaptability, resilience and ability to build trust in complex environments. She holds a BSc in Quantity Surveying (First Class Honours) from the University of Reading, where she was recognised each year as the top-performing student and received awards from both the Royal Institution of Chartered Surveyors (RICS) and the Chartered Institute of Building. She later qualified as a Chartered Accountant (ACA, ICAEW), passing all exams on her first attempt and earning first prize worldwide in the Audit & Assurance paper with an extraordinary score of 99% a testament to her discipline and determination, especially given her non-accounting background.
This interview first appeared in the March edition of GOLD magazine. Click here to view it.
